Commodities: Global   OPEC Production Unexpectedly Increased, reaching 29.0 million barrels per day (mbpd) during December (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 December meeting but reserved the expectation to…

Ukraine:  Winter & Sanctions Impact   The Ukraine-Russia Conflict was gripped by winter, with Russia targeting electrical infrastructure and limited spoiling attacks to keep the Ukrainians from extending their gains.  Russia’s additional mobilization of 300,000 recruits started to see the front but were likely waiting for spring operations.  Ukraine continued…

2022 ended with 40 year inflation highs and one of the toughest trading environments in over 10 years. Energy (+12.05%) and Livestock (+11.66%) were the leading sectors in 2022. Losses in Indices (-20.81%) and Softs (-13.20%) were nothing compared to the astounding loss in crypto (-65.86%). Adding insult to injury,…

During the month of December, the leading sectors were Metals (+3.40%), and Livestock (+2.91%). The bottom sectors were Energy (-6.33%), and Indices (-5.89%). 2022 got the best of most investors, with 40 year highs for inflation leading to one of the toughest trading years in more than a decade. The…