During the month of February, Livestock (+7.05%) and Crypto (+0.62%) were the leading performers and the only two profitable sectors. Metals (-8.20%) and Grains (-6.02%) were hit the hardest in February following strong performances in January. Announcements from the Fed stating inflation is still elevated resulted in negative market sentiment…

Commodities: Global   OPEC Production Declined Slightly, falling just under 28.9 million barrels per day (mbpd) during January (Bloomberg), still much less than the lowered quotas of 31.4 mbpd.  A surprise increase from Nigeria was responsible for the improvement.  OPEC+ announced no change at their January and February meetings but…

Ukraine:  Winter & Sanctions Impact   The Ukraine-Russia Conflict continued its winter slog as the headlines focused on the city of Bakhmut with Russia reportedly sending in some of the 300,000 recruits mobilized late last year as the situation devolved into trench warfare.  The US and Norway estimated that Russia…

January was a much needed bounce back month led by Crypto (+36.13%) and Softs (+12.22%). Crypto (+36.13) stayed true to its history of extreme volatility by producing a large gain after a poor performance last month. Stocks rallied in January, capping a gain of nearly +6.20% for the S&P 500.…