During the month of June, Grains (+10.47%) and Livestock (+8.89%) were the top performers. The bottom performers were Metals (-4.25%) and Interest Rates (-1.22%). On Jun 28, all 23 leading banks cleared the Fed’s annual stress test, attributing to the S&P 500 Index (+6.47%) producing its best month since October…

Commodities: Global   OPEC+ Decided to Cut Production at their June 3rd meeting but it would not be effective until 2024.  The headline number was a decline by 1.4 million barrels per day (mbpd) with a production target of 40.46 mbpd for 2024.  This is lower than the 41.86 mbpd…

Ukraine:  Summer Offensive?   The Ukraine-Russia Conflict may be hitting a new phase with some noises around a Ukrainian offensive – certainly the Russian push at Bakhmut was a pyrrhic victory at best.  It is too soon to know.  In mid-May the Ukraine Black Sea grain deal was extended for two more…

During the month of May, Livestock (+1.72%) and Indices (+1.19%) were the top performers. The bottom performers were Metals (-6.53%) and Energy (-5.50%). After a strong finish in April carried over to the beginning of May, the markets came to a slow as investors held back while talks on the…