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December 2020 Edition Bloomberg Commodity Outlook 2021
Bloomberg Commodity Outlook
Commodities Set to Take the Gold
Commodities Poised for a Strong 2021, Except for a Power
Outage
From Corn to Copper, Commodity-Recovery Base May Be Set in
Gold
From Copper to Zinc, Metals Set to Gleam Along With Gold in
2021
A Bear Market Is Back to Normal for Crude Oil and Natural
Gas
Agriculture's Bear Market May Finally Be Cured of Low Prices
December 2020 Edition Bloomberg Commodity Index (BCOM)
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December 2020 Edition Bloomberg Commodity Outlook 2021
Contents
03 Broad Market Outlook
05 Energy
07 Metals
11 Agriculture
Data
14 Performance
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December 2020 Edition Bloomberg Commodity Outlook 2021
Data and outlook as of November 30, 2020
Mike McGlone – BI Senior Commodity Strategist
BI COMD (the commodity dashboard)
Note ‐ Click on graphics to get to the Bloomberg terminal
Commodities Poised for a Strong 2021, Except for a Power Outage
Performance: November +3.5%, 2020 -7.7%, Spot +6.3% (Returns are
total return (TR) unless noted)
(Bloomberg Intelligence) -- The broad commodity market in 2021
is well situated to follow the upward path paved by gold in 2020,
in our view. A weak dollar is a typical prerequisite for a
commodity bull market, but when many of the world's currencies are
attached to negative rates and quantitative easing, physical assets
like gold and most commodities should gain an advantage. Metals may
be the best positioned for further appreciation, notably vs.
oversupplied energy. Rapidly advancing technology is a primary
driver for copper, while the metal and crude oil both face the
highest risk from potential stock-market mean reversion. Low prices
appear to have cured the agriculture bear market. Gold Leadership
for Broad Commodities From Corn to Copper, Commodity-Recovery Base
May Be Set in Gold. After about a 6% gain in the Bloomberg Spot
Index in 2020 to Nov. 30, conditions are favorable for more of the
same in 2021. Some back-and-fill should be expected from the
halfway mark of the bear market at the end of November, but
improving fundamentals and a weakening dollar -- as evidenced by
gold -- indicate a positive commodity backdrop. Gold a Good Proxy
for the Dollar, Commodities
Commodities Set to Cross Recovery Rubicon. It's reasonable in
2021 to expect the recovering Bloomberg Commodity Spot Index to
breach resistance at about the halfway mark of the 2011-16 bear
market, in our view. Just over 1% above the level on Nov. 30 would
do it, on the back of about a 6% gain so far in 2020. On an annual
basis, commodity prices nearly formed a double bottom in 2016 and
2020, reinforcing a mantra in commodities: low prices often provide
the recovery cure. Our graphic depicts gold rising, a leading
indicator for a weakening dollar that's a typical requirement for
rising commodity prices. The highly negative dollar-correlated
metals sector is poised to be a bull-market leader as accelerating
decarbonization efforts increase demand. U.S. exports should keep
grains and agriculture at the top of the leader board. Faltering
equities are a primary risk. Copper, Gold Gaining Upper Hand vs.
Crude Oil. Copper and gold at the top of our macroeconomic 2020
performance dashboard indicate trends that we expect to continue in
2021. Down about 30%, crude oil risks more of the same,
particularly as West Texas Intermediate advances toward good
resistance at about $50 a barrel at the end of November. Reversion
risks in copper and crude are elevated, notably if the
record-setting stock-market tide subsides, but divergent strength
in the red metal in 2H should be more enduring. Unless the S&P
500 can add to its roughly 12% 2020 gain in 2021, we see little
hope for higher crude oil.| MACRO PERFORMANCE Gold, Copper Set to
Outperform Crude Oil in 2021
The worlds' increasing dependence on debt, quantitative easing
and fiscal stimulus has led to the highest 24-month correlation in
our database (since 1960) between the Bloomberg Commodity Index and
the S&P 500, at about 0.80.
Learn more about Bloomberg Indices
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December 2020 Edition Bloomberg Commodity Outlook 2021
SECTOR PERFORMANCE Gold, Copper, Metals Setting the Pace for
2021 Industrial metals edging out their precious peers at the top
of our 2020 performance scorecard is an encouraging sign for
longer-term commodity-favorable trends in 2021, while copper
appears a bit too hot vs. cold gold, in our view. On Nov. 30,
CME-traded copper stretched about 25% above its 50-week moving
average, the most extreme since 2011 when the price peaked at about
$4.60 a pound. Contrarily, gold's kiss of the same mean puts the
metal in a favorable technical position near the start of 2021, if
the past two-year rally is a template. Rising Metals, Energy
Headwinds Likely in 2021
Grains should add to gains in 2021. What was good resistance at
about $4 a bushel in corn appears to be shifting toward $5. We see
little upside in WTI crude oil above $50 a barrel, yet more of the
same since the peak in 2008 may revisit $30 support.
Curve Analysis – Contango (-) | Backwardation (+)
Measured via the one-year futures spread as a percent of the
first contract price. Negative means the one-year out future is
higher (contango). Positive means the one-year out future is lower
(backwardation).
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December 2020 Edition Bloomberg Commodity Outlook 2021
Energy (Index weight: 19% of BCOM) Performance: November +3.5%,
2020 -42.3% , Spot -11.2%
Energy Back to Normal Is a Bear-Market
A Bear Market Is Back to Normal for Crude Oil and Natural Gas.
Time decay, advancing technology, demographics and decarbonization
are aligned against West Texas Intermediate crude oil sustaining
above $50 a barrel, in our view. Rising prices increase incentive
to resume production, notably from cash-strapped OPEC and U.S.
shale companies, while demand elasticity should be waning.
WTI Likely Stays in $30-$50 Cage in 2021. About $50 a barrel in
WTI crude oil is sturdy resistance that should keep a lid on prices
in 2021, in our view. A reversal of the bear-market forces since
2014 that have resulted in a mean, median and mode around $50 is
unlikely. More of the same inelastic demand and oversupplied
conditions seems the more probable course. Our graphic depicts the
annual average crude price of $38.60 in 2020 to Nov. 30 dropping to
the lowest since 2003. It has room for recovery, but as it nears
$50, cash-strapped OPEC is more likely to bring back production,
along with U.S. shale companies.
More of the Same vs. Bounce Potential in 2021
Rapid and wide dissemination of vaccines should help the demand
side, but the pre-pandemic trend of downward-consumption estimates
may curtail some of the optimism toward the end of 2020. A top risk
for crude oil remains some stock-market mean reversion.
Crude Oil Most at Risk vs. Equities Since 2014. Crude oil is not
only vulnerable to seemingly entrenched bear-market demand vs.
supply forces, but also to reversion risks in extended equity
prices, if history is a guide. Crude's last two high-velocity
declines, in 2018 and 2020, coincided with similar moves in the
stock market. Our graphic depicts a primary risk to Brent crude:
The MSCI World Index is the most elevated vs. its 60-month mean in
six years, and the 24-month correlation between oil and the index
at about 0.82 is
the highest in our database since 1988. World equities were last
this high just before 2014's Brent crude collapse from a bit over
$100 a barrel to the low around $27 in 2016.
Crude Oil Bear Market Faces Elevated Equities
Since the Brent peak near $146 in 2008, buyers of crude have
fared poorly when this global measure of stock prices reached
similar heights.
Natural Gas Risks Point Toward $2, Not $3-Plus. Natural gas may
have already made its 2020-21 heating-season peak, in our view.
Propane demand from outdoor heaters has supported prices, but
decreasing probabilities for a colder-than-normal North American
winter increase the likelihood for more of the same reversion
potential from the October price spike to about $3.50 per million
British thermal units in the January future. Prices are
particularly vulnerable to economic impacts from the pandemic and
elevated inventories. Our graphic shows U.S. Energy Department gas
inventory estimates for the season rolling over from the highest in
four years.
Natural Gas May have Peaked for the Season
Known for volatility, particularly in the early-winter heating
season, we see risks for natural gas tilted toward more of the same
of the past decade or so -- price spikes typically cleanse short
positions and reverse quickly.
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December 2020 Edition Bloomberg Commodity Outlook 2021
PERFORMANCE DRIVERS
Stock Market Normalization a Key Crude Oil Risk. The Bloomberg
Energy Spot Index's 2020 decline of just over 10% to Nov. 30 is
likely to drop further over the rest of the year and in 2021, in
our view. A key prerequisite for stabilizing energy prices --
sustaining the record-setting stock-market rally -- is a primary
crude-oil risk. Vulnerability to equity-market volatility is
unlikely to change for energy prices. Our take is OPEC is fighting
a losing battle to curtail supply amid lackluster demand, and every
day that passes, advancing technology is reducing production costs
and squeezing incremental demand. Notably, this was the general
condition in the crude-oil market before the pandemic.
Energy Is Vulnerable to Equity Volatility in 2021
WTI should find good resistance on approaches near $50 a barrel
if the stock market keeps advancing. Responsive support should be
toward $30.
Front Energy Futures
Market Flows – Commitment of Traders
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December 2020 Edition Bloomberg Commodity Outlook 2021
Metals All (Index weight: 40% of BCOM) Performance: November
+2.0%, 2020 +15.7%
Industrial (Index weight: 19.0% of BCOM. Performance: November
+16.0%, 2020 +10.5%, Spot +18.8%
Precious (Index weight: 16.1% of BCOM. Performance: November
-5.5%, 2020 +15.4%, Spot +18.9%
The Rising Metals Tide
Metals Well Positioned to Lead Commodities Recovery Beyond 2020.
The time seems right for metals' prices to advance in 2021, in our
view. The 2020 flush appears akin to one in 2008 that provided a
foundation for the metals sector. Record 2020 highs in gold are set
to lead to similar levels in coming years, notably for the majors:
copper and silver. Macroeconomic underpinnings may be firmer and
more enduring than 12 years ago amid unprecedented quantitative
easing and zero or negative interest rates boosting infrastructure
spending and -- eventually -- inflation.
From Copper to Zinc, Metals Set to Gleam Along With Gold in
2021. Uniquely positioned as a primary demand source of
decarbonization, we see the metals as well poised for continued
advancement in 2021 and beyond. Record gold prices in 2020 have
helped set the stage for the metals-sector recovery, with multiple
years of subdued prices providing a solid foundation.
Metals Sector on Firming Footings for 2021. The metals sector in
2021 is set to look a lot like 2003, when prices embarked on a bull
run that didn't peak until 2011, in our view. A period of subdued
prices is shifting toward appreciation on some leadership from
gold. The benchmark precious metal is a top proxy for the dollar,
and the sector is typically the most negatively correlated to the
greenback. Our graphic depicts the Bloomberg All Metals Total
Return Index breaching resistance in place since 2013 and with
solid underpinnings from interest rates set to stay quite low until
inflation resurfaces, according to the Federal Reserve.
All Metals Set to Follow Rabbit Gold
A primary demand-side beneficiary of rapidly advancing
technology that's replacing fossil fuels, we see the metals sector
in 2021 approaching the highs from 2011. A sustained stock-market
decline is a key risk.
Silver, Metals 2020 Low Appears Enduring as 2008. Silver at the
top of our metals performance scorecard in 2020 is a trend that
should continue in 2021, with some rising-price companionship from
copper and other base metals. Uniquely precious and industrial, the
white metal is well poised to advance on the back of an extended
period of subdued prices and renewed demand from increasing
electrification. The 2020 silver low at about $12 an ounce is
likely to mark an enduring bottom, similar to around $9 in 2008.
Breaching the 2020 high of about $30 should be a matter of
time.
Silver, Base Metals Taking Bull Baton From Gold
A sharp drop in the stock market is a primary risk for the more
industrial metals, but we see an enduring bull market developing
throughout the sector. Silver at about $22.60 on Nov. 27 remains
over 50% below its all-time high around $50.
Solid Precious Metal Underpinnings
Gold Has Solid Underpinnings to Advance Above $2,000 in 2021.
The foundation for rising gold prices in 2021 is solid, in our
view. The metal may be less supported by rising stock-market
volatility as in 2018-20, but seemingly unstoppable trends in
negatively yielding debt, quantitative easing (QE) and rising
debt-to-GDP provide firm foundations for the store of value.
Negative-Yielding Debt, QE and Rising Gold. Absent sustained
reversals in global QE and rising levels of negative-yielding debt,
we see limited downside risk in gold. The unlikeness of reversing
these pre-pandemic trends should limit price pullbacks in the
metal. Our graphic depicts gold dipping into layers of support just
below $1,800 an ounce within an uptrend, as indicated by its
five-year moving average amid record highs in the Bloomberg
Barclays Global Aggregate Negative Yielding Debt Index and G4
central-bank balance sheets as a percentage of GDP.
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December 2020 Edition Bloomberg Commodity Outlook 2021
Gold Is Well Poised for a Lustrous 2021
Gold is quite straightforward: Probabilities tilt toward more of
the same for its price, at about $1,790 an ounce on Nov. 27, to
advance in 2021 above the 2020 peak around $2,075. A key question
and gold risk is what it might take to reverse rising debt and QE?
VIX Deja-Vu All Over Again Supports Gold. One of the leading
gold-rally companions -- stock-market volatility mean-reverting
higher -- is tilting favor toward the metal, at least in the short
term, if history is a guide. Our graphic depicts the CBOE S&P
500 Volatility Index (VIX) at the deepest discount to its 50-week
moving average in over four years. It was the record-low VIX
50-week mean at the start of 2018 that signaled reversion risks
upward, thus supporting more QE and rising gold.
Steep VIX Discount Is Gold Tailwind
At a discount near 30% below its annual mean, last matched in
2016, risks of a rise in stock-market volatility are elevated along
with more of the same supportive repercussions for gold toward the
end of November.
Gold Looks Less Expensive, Though Its Drivers Aren't as Bullish
Contributing Analysts Grant Sporre (Metals & Mining)
Risk vs. reward is more balanced for gold into 2021, in our
view. At 30% above its $1,420-an-ounce average, gold looks less
expensive than three months ago, based on historical prices and
other cross-asset indicators. The same analysis also points to gold
being 30% below peak, as indicated by a value framework, suggesting
room for upside should the bull market continue.Recovering growth
expectations on a Covid-19 vaccine may put upward pressure on
nominal bond yields, and though we expect a lift in inflation
expectations toward 2% to keep real rates in negative territory, we
believe this driver has turned neutral. A weak dollar outlook and
continued central-bank liquidity remain bullish factors, but lower
risk perceptions may continue to underpin global equities.
Nascent Base Metals Bull
2020 Likely to Mark Enduring Low for Copper and Base Metals.
Industrial-metal prices look the way they did after the financial
crisis, a path that stopped short of all-time highs in 2011. Fiscal
stimulus on a global scale, electrification and decarbonization are
likely narratives for advancing base-metal prices in 2021.
Back to Bull Markets: Copper and Base Metals. Copper and
industrial-metals prices are on paths toward new highs, similar to
post-2008, in our view. The 2020 low in the red metal at about $2 a
pound has plenty of potential to be as enduring as the roughly
$1.25 bottom from the financial crisis. Subdued base-metal prices
have pressured production incentives, and demand is picking up on
the back of the rapid electrification of the global economy and
recovering China growth. Our graphic depicts the Bloomberg
Industrial Metals Index appearing to make the turn upward in 2020
along with a swift recovery in China's Manufacturing PMI.
Base Metals are Well Poised for Ascent in 2021
It's our position that the time is right for vast infrastructure
spending on a global scale, with borrowing rates near zero or
negative in much of the world. Some back-and-fill is likely, but
the view for metals points upward.
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December 2020 Edition Bloomberg Commodity Outlook 2021
Technical - Gold Stair-Step Rally
Gold Trends Still Tilted Favorably for a $2,000 Handle in 2021.
Gold is poised to extend its uptrend in 2021, in our view. Solid
fundamental pre-pandemic underpinnings from rising debt-to-GDP
levels and quantitative easing on a global scale may benefit from
technical signals. Dipping into support layers toward the end of
November should provide a foundation for further price gains.
Relative Value to Burnish Gold in 2021. Backing up into its
upward sloping 50-week moving average toward the end of 2020 should
provide the gold bull market a relative advantage in 2021, in our
view. The metal's upward trajectory, which resumed with the first
Federal Reserve rate hike in 2015, shows few signs of other than
staying the course. Our graphic depicts gold revisiting good
initial support around $1,800 an ounce after an August jump to the
most extended above its 50-week mean since 2011. About
$1,800-$2,000 is a potential range for a while within what appears
as an enduring stair-step rally in the metal.
Something Unlikely Needed to Trip Up Gold Bull
Sustaining below its 50-week mean of about $1,755 to Nov. 25
would be an initial sign of weakness, but the more likely price
trajectory is up.
Gold on Track for $2,000 in 2021. Mean, median and mode support
in gold comes in just below $1,800 an ounce, and our bias is titled
toward this level marking the lower end of the range in 2021. The
average spot gold price in 2020 to November is about $1,760, as is
the approximate halfway mark of the years' range from
$1,452-$2,075. Our graphic shows the annual price of the metal in a
clear uptrend, as indicated by the five-year moving average. The
bottom and recovery in 2015-16 appears akin to 2000-01. Something
unexpected would be needed to trip-up the trend; otherwise
probabilities appear poised for more of the same in 2021.
Up Remains The Gold Path of Least Resistance
About 50% above the five-year mean held resistance in 2020 and
comes in near $2,100 for the start of 2021. We see the market more
likely to ride this line, like it did from 2001-11, than breach
support.
Technical - A Nascent Copper Bull
Copper Likely to Transition to $3 Support, $4 Resistance in
2021. More of the same as 2020 is likely for copper in 2021, in our
view, which would get the metal toward $4 a pound resistance. The
industrial metal may see some back-and-fill toward $3 support,
notably if stocks decline, but copper appears more likely to follow
a longer-term path paved by gold toward new highs.
Pullback Risks Elevated for Copper Bull Market. Copper prices
may have a relative disadvantage at the start of 2021, a bit
extended near good resistance toward the end of November, yet we
expect an eventual breakout higher. Gold is good guidance, if
history is a guide. The benchmark precious metal is advancing for
different macroeconomic reasons than the industrial, but gold is
among the most robust measures of the dollar, and copper has a
strong inverse relationship to the greenback. Our graphic depicts
copper at resistance levels that have held since 2013.
Copper Set to Follow Gold Higher
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December 2020 Edition Bloomberg Commodity Outlook 2021
Some stock-market reversion is a top risk for the red metal, but
we expect what was good resistance at about $3.30 a pound to
transition toward support as copper moves toward $4 in 2021,
following gold upward. Sustaining below the 50-week moving average
at about $2.75 to Nov. 25, would be an initial sign of failure.
Copper Set to Raise Resistance Levels in 2021. Buyers of copper
at about $3.30 a pound on Nov. 25 haven't fared well since 2013,
though we see greater potential for a bull-market transition in
2021. The 2020 year will mark the third since 2017 that the metal's
price bumped up against resistance of roughly $3.30, which appears
as a beach ball that won't sink. Our graphic depicts the five-year
moving average turning upward in 2020 and potentially providing
good support guidance in 2021, just below $3 a pound. The next key
target resistance is around the $4 high from 2012.
2020 Copper Low Appears Enduring as 2008
It's likely that the 2020 low just below $2 will mark an
enduring bottom akin to about $1.25 in 2008, which set the stage
for the all-time high in 2011 of $4.66. Copper is up about 20% in
2020 to Nov. 25. About the same in 2021 could approach $4.
Individual Commodities Front Future Change
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December 2020 Edition Bloomberg Commodity Outlook 2021
Agriculture (Index weight: 35% of BCOM) Performance: November
+5.8%, 2020 +5.5, Spot +11.9%
Grains (Index Weight: 24% of BCOM) Performance: November +4.8%
2020 +6.7%, Spot +13.5% Softs (Weight: 6% of BCOM) Performance:
November +6.0%, 2020 -3.0%, Spot +2.2%
Low Prices Appear Cured Agriculture's Bear Market May Finally Be
Cured of Low Prices. The U.S. grain production machine is likely to
be tested in 2021 and we suspect a nascent bull market to prevail.
The highest corn, soybean and wheat prices in about six years as we
near the end of 2020 are incentive for more supply and carry an
elevated risk of reversion, yet we see a shift to a more-enduring
agriculture recovery as U.S.-China trade tensions simmer, climate
change accelerates and the dollar faces limited further upside.
About $4 corn and $10 soybeans, which have held markets in check
since 2014, may be transitioning to support.
Agriculture Following Gold
From Corn to Sugar, Agriculture Set to Take Some of Gold's
Shine. After about a 14% gain in the Bloomberg Agriculture Spot
Subindex in 2020 to Nov. 24, conditions are favorable for more of
the same in 2021. Continued reversion-potential in the elevated
dollar and grains' stocks-to-use -- on the back of multiyear
ag-price lows in 1H -- along with climate change should help form a
strong recovery base.
2019-20 a Likely Long-Term Agriculture Bottom. It's reasonable
in 2021 to expect the recovering Bloomberg Agriculture Spot Index
to breach resistance around the halfway mark of the 2011-19 bear
market, in our view. Just over 10% above the level on Nov. 24 would
do it, on the back of about a 23% gain so far in 2020. On an annual
basis, agriculture prices have formed a double bottom in 2019-20 at
about a decade low, reinforcing a mantra in commodities: low prices
often provide the recovery cure. Our graphic depicts gold rising, a
leading indicator for a weakening dollar that is a typical
prerequisite for rising ag and grain prices.
Gold a Good Proxy for the Dollar and Ag Prices
Peaking grains' stocks-to-use, climate change and new U.S.
leadership more focused on clean energy and biofuel production,
along with diminishing U.S.-China trade tension, should add support
for a nascent bull market in agriculture prices.
Grain Index Appears Similar to 20 Years Ago. A declining dollar
and U.S. grains' stocks-to-use from historically elevated levels
tilt favor toward rising grain prices, in our view. The graphic
depicts similar peaking patterns in the dual grain-price companions
as those seen near the start of the new millennium, when the
Bloomberg Grains Spot Subindex bottomed. An enduring period of low
prices provided a foundation for the index to increase about 300%
to the 2012 high from the 2005 low.
Peaking Dollar, Stocks-to-Use & Bottoming Grains
Rhyme risks are high, as the grain index appears on a path to
end 2020 at its loftiest level since 2014. Some back-and-fill
should be expected. The old index highs of about 210 from 2017-19,
vs. closer to 230 on Nov. 24, should shift to support, notably if
stocks and the dollar decline. In soybeans, the 2017-18 high was
about $10.80 a bushel vs. closer to $11.80 on Nov. 24.
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December 2020 Edition Bloomberg Commodity Outlook 2021
Softs, Sugar Set to Follow Corn, With Real Help. If the value of
the Brazilian real stops declining, the soft commodities sector is
ripe for a sustained recovery, in our view. Dominated by sugar and
coffee, primarily produced and exported from Brazil, the Bloomberg
Softs Spot Subindex hit an 11-year low in 2020 that should be
enduring when the real stabilizes. Our graphic depicts the index on
the cusp of breaching its five-year moving average at the end of
2020. To overcome this threshold, sugar needs to turn resistance of
about 15 cents a pound on Nov. 24 into to support.
2020 Appears as Enduring Bottom in Softs
Corn indicates higher prices for softs. Increasingly linked via
biofuel, the similar pivotal resistance in corn at about $4 a
bushel appears to be transitioning to support. Divergent strength
is our take on the softs in 2020, up about 3% despite a roughly 25%
slide in the real. PERFORMANCE DRIVERS
Soybeans, Grains Set to Sustain Ag Recovery. Divergent strength
in agriculture prices despite record soybean production from Brazil
and a weak real is our takeaway for 2021 as we exit 2020. The fact
that the oilseed has held above $10-a-bushel resistance to Nov. 24,
in the year after soybean piles dominated the Corn Belt, suggests
the end of the bear market. About $4 corn and $10 soybeans --
levels that have held markets in check since 2014 -- appear to be
moving toward support.
Divergent Strength - Soybeans Up vs. Real down
Strong U.S. exports are a top factor for rising grain prices,
and a peak greenback is a typical companion. Climate change, along
with reversion potential in the trade-weighted dollar from all-time
highs in 1H and movement toward some recovery in the real, may
provide ample tailwinds for recovering agriculture prices in the
coming years.
Grain Low-Price Virus Likely Cured
$10 Corn In China Underpins U.S. Toward $5, Soybeans $13 in
2021. Record-high corn prices of $10 a bushel in China and U.S.
soybean exports-to-production breaching the 50% threshold are part
of a longer-term bottom narrative in grain prices that coincided
with Donald Trump's presidency, in our view. What was corn
resistance around $4 should transition toward $5 in 2021, while
soybeans may take a run at $13.
U.S. Exports, Peak Dollar Give Birth to a Bull. Corn, soybeans
and wheat leaving the U.S. at the fastest pace relative to
production since 2002 indicates a nascent bull market for prices,
in our view. Add the potential for a peak dollar and parallels can
be drawn to the start of the new millennium, when the Bloomberg
Grains Spot Subindex began its run to its peak above 300 in 2013
from just under 100. Our graphic depicts U.S. grain exports at
about 30% of production -- a level last matched in 2002. Duration
is the primary question for the outlook for prices, and we see
solid underpinnings.
Low Prices Appear to Have Cured the Grains
The grain index's 20-month moving average appears to be turning
upward following an extended period of subdued prices, and the
dollar is as elevated as when it peaked almost 20 years ago. Grain
futures in the index are primarily traded and delivered in the
U.S.
Corn Set to Move Toward $4 Support, $5 Resistance. Corn appears
to have formed an enduring bottom in 2020, in our view. Approaching
the upper end of its six-year range, some back-and-fill should be
expected, but we see a base building to turn what was $4-a-bushel
resistance into support in 2021. U.S. exports to China are a top
driver, and corn futures on the Dalian Commodity Exchange reaching
the highest in our database since 2004 should provide some
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December 2020 Edition Bloomberg Commodity Outlook 2021
guidance. Our graphic depicts China corn in dollar- equivalent
bushels at about $10 vs. closer to $4.30 on the CME benchmark on
Nov. 24. Favorable demand vs. supply conditions in China have
tipped the global scales similarly.
Low Prices May Have Finally Cured Corn
The benchmark price hitting an 11-year low in April amid the
global pandemic and U.S.-China trade tensions was a primary pillar
of corn's firming foundation.
Soybeans Turning a Sawbuck Into Enduring Support. U.S. soybean
exports-to-production reaching a new high above the 50% threshold
supports prices revisiting key resistance around $13 a bushel in
2021, in our view. Extending above 50% in a year when the dollar --
along with Brazil soybean production and exports -- hit a peak is a
sign of a nascent bull market for the oilseed. Our graphic depicts
soybeans at about $11.80 a bushel on Nov. 24, above key resistance
of around $10 and approaching four-year highs. The average price
since 2014 and a five-year moving average of about $10 should
transition toward support in the coming years.
Soybeans Heading Toward the Teens
Beans in the teens -- $13 -- are about halfway between the 2019
low and 2012 peak. The benchmark soybean future is primarily traded
and delivered in the U.S.
Index Performance (as of November 30)
https://bloom.bg/2JsBLLzhttps://bloom.bg/3oaQTfphttps://bloom.bg/2d8kC4l
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Composite Indices * Click hyperlinks to open in Bloomberg
Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year
50-YearBloomberg Commodity ER BCOM 3.50% -8.07% -3.57% -13.23%
-8.28% -49.32% -33.36% -28.18% -51.27% 301.76%Bloomberg Commodity
TR BCOMTR 3.51% -7.71% -3.06% -9.16% -2.83% -46.15% -11.41% 54.28%
151.16% 4017.97%
Bloomberg Commodity Spot BCOMSP 4.11% 6.29% 11.50% 8.19% 36.49%
-9.07% 182.59% 259.99% 171.26% 1756.00%Bloomberg Roll Select
BCOMRST 3.69% -3.26% 1.63% -6.83% 4.38% -36.12% 103.25%
1 Month Forward BCOMF1T 3.77% -4.40% 0.54% -4.92% 4.09% -37.84%
56.43% 2 Month Forward BCOMF2T 4.08% -2.66% 2.56% -0.70% 10.32%
-35.23% 97.72% 3 Month Forward BCOMF3T 4.17% -1.98% 3.23% -0.98%
10.63% -32.65% 109.03% 4 Month Forward BCOMF4T 4.88% -0.10% 5.21%
0.56% 15.64% -26.53% 5 Month Forward BCOMF5T 4.83% 0.84% 6.17%
2.69% 18.20% -24.89% 6 Month Forward BCOMF6T 4.77% 1.43% 6.65%
3.28% 19.48% -23.62%
Energy BCOMENTR 3.46% -42.34% -38.36% -41.54% -43.98% -79.88%
-86.43% -60.06%Petroleum BCOMPETR 24.66% -44.61% -39.31% -36.46%
-34.21% -69.10% -48.00%Agriculture BCOMAGTR 5.76% 5.49% 11.56%
-5.70% -13.94% -41.26% -14.29% -10.01% -3.17% 1200.84%
Grains BCOMGRTR 4.80% 6.67% 11.61% -2.30% -18.92% -41.67%
-25.31% -35.79% -43.30% 331.85%Industrial Metals BCOMINTR 10.53%
15.97% 19.52% 9.05% 60.19% -21.70% 136.81%Precious Metals BCOMPRTR
-5.46% 15.39% 19.87% 32.79% 55.22% 4.20% 426.26% 364.17%
109.00%
All Metals BCOMAMT 2.04% 15.70% 19.72% 20.41% 59.81% -7.89%
275.71%Softs BCOMSOTR 6.01% -2.98% 3.07% -20.12% -22.15% -59.08%
-49.49% -34.34% -5.28% 2579.76%
Livestock BCOMLITR 1.60% -25.00% -23.83% -31.17% -27.62% -40.99%
-64.43% -55.89%Ex-Energy BCOMXETR 3.53% 7.81% 12.40% 4.41% 15.96%
-25.15% 62.61%
Ex-Petroleum BCOMXPET 0.59% 2.22% 5.96% -4.51% 1.91%
-43.07%Ex-Natural Gas BCOMXNGT 6.47% -4.38% 0.95% -3.02% 6.94%
-33.79%Ex-Agriculture BCOMXAGT 2.51% -13.09% -8.97% -11.20% 1.13%
-49.68%
Ex-Grains BCOMXGRT 3.25% -10.44% -5.86% -10.67% 0.40%
-48.06%Ex-Industrial Metals BCOMXIMT 1.93% -12.33% -7.55% -13.17%
-13.16% -50.86%Ex-Precious Metals BCOMXPMT 5.87% -12.79% -8.17%
-16.76% -12.84% -53.85%
Ex-Softs BCOMXSOT 3.33% -8.09% -3.54% -8.41% -1.61%
-45.56%Ex-Livestock BCOMXLIT 3.62% -6.55% -1.63% -7.65% -1.29%
-46.59%
Ex-Agriculture & Livestock BCOMXALT 2.59% -11.91% -7.46%
-9.24% 3.74% -50.66%Bloomberg Dollar Spot BBDXY -2.35% -3.37%
-5.31% -1.61% -7.51% 14.07%
Bloomberg US Large Cap TR B500T 11.50% 16.97% 20.42% 49.02%
97.80% 287.21%US Aggregate LBUSTRUU 0.98% 7.36% 7.28% 17.27% 23.66%
43.99% 161.43% 460.54% 1840.95%US Treasury LUATTRUU 0.35% 8.25%
7.64% 17.03% 20.41% 36.67% 140.30% 413.10% 1587.50%
US Corporate LUACTRUU 2.79% 9.41% 9.76% 23.29% 36.89% 70.61%
231.42% 640.04% 2609.80%US High Yield LF98TRUU 3.96% 5.13% 7.24%
18.04% 44.46% 92.91% 352.35% 1186.06%
Single Commodity Indices
Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year
50-YearNatural Gas BCOMNGTR -16.91% -33.37% -35.35% -59.72% -70.54%
-95.01% -99.86%
Low Sulfer Gas Oil BCOMGOT 25.51% -46.35% -42.47% -36.36%
-29.51% -60.17% -0.58%WTI Crude BCOMCLTR 25.43% -53.72% -48.61%
-47.85% -52.63% -82.20% -73.62% -15.51%
Brent Crude BCOMCOT 24.57% -36.64% -30.03% -21.50% -13.80%
-55.74% 24.18%ULS Diesel BCOMHOTR 25.30% -42.59% -38.02% -34.73%
-24.76% -58.72% -25.82% 35.89%
Unleaded Gasoline BCOMRBTR 20.88% -38.24% -34.46% -34.20%
-32.75% -43.88% 20.83% 211.19%Corn BCOMCNTR 4.76% -0.60% 1.23%
-11.27% -31.24% -51.52% -74.00% -84.44% -85.93% -49.65%
Soybeans BCOMSYTR 10.64% 18.33% 27.09% 0.26% 7.15% 13.61%
282.73% 314.78% 243.34% 3328.77%Wheat BCOMWHTR -3.53% 0.69% 3.99%
12.56% -25.11% -67.61% -80.30% -85.61% -88.91% -38.53%
Soybean Oil BCOMBOTR 12.05% 2.12% 15.27% -3.18% 2.45% -51.26%
18.62% -23.19% -16.96% 1256.18%Soybean Meal BCOMSMT 5.09% 20.82%
24.16% 3.66% 12.34% 78.01% 799.75%HRW Wheat BCOMKWT -0.38% 3.55%
12.74% -10.04% -42.80% -74.59% -70.82%
Copper BCOMHGTR 12.59% 20.47% 26.78% 9.75% 58.61% -19.96%
333.07% 642.67%Alumnium BCOMALTR 10.41% 7.82% 9.72% -4.51% 28.86%
-40.09% -22.49%
Zinc BCOMZSTR 10.37% 20.70% 20.60% -1.17% 96.71% 21.35%
88.11%Nickel BCOMNITR 5.67% 12.68% 15.58% 43.41% 73.61% -37.38%
217.51%Gold BCOMGCTR -5.60% 13.65% 17.70% 33.85% 57.71% 18.06%
463.12% 330.63% 156.04%Silver BCOMSITR -4.99% 21.86% 27.84% 29.85%
47.32% -30.16% 281.31% 338.38% -14.91%Sugar BCOMSBTR 1.05% 3.60%
7.59% -21.44% -26.94% -66.29% -36.57% 43.14% -84.90% 62.45%Coffee
BCOMKCTR 15.22% -12.99% -5.08% -29.45% -37.03% -75.83% -84.26%
-82.40% -61.02%Cotton BCOMCTTR 1.98% 1.58% 7.46% -4.78% 10.72%
-18.20% -68.66% -52.52% 74.15% 1186.47%
Live Cattle BCOMLCTR 1.37% -19.46% -19.52% -18.61% -12.68%
-18.68% -18.54% 21.91% 544.56% 2798.33%Lean Hogs BCOMLHTR 2.09%
-33.18% -29.90% -50.50% -49.49% -67.61% -91.31% -93.40%
Index Name Ticker
Index Name Ticker
PERFORMANCE: Bloomberg Commodity Indices
2020
2020
https://blinks.bloomberg.com/securities/BCOM%20index/gphttps://blinks.bloomberg.com/securities/BCOMTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSP%20index/gphttps://blinks.bloomberg.com/securities/BCOMRST%20index/gphttps://blinks.bloomberg.com/securities/BCOMF1T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF2T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF3T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF4T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF5T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF6T%20index/gphttps://blinks.bloomberg.com/securities/BCOMENTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMPETR%20index/gphttps://blinks.bloomberg.com/securities/BCOMAGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGRTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMINTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMPRTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMXETR%20index/gphttps://blinks.bloomberg.com/securities/BCOMXPET%20index/gphttps://blinks.bloomberg.com/securities/BCOMXAGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXGRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXIMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXPMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXSOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXLIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXALT%20index/gphttps://blinks.bloomberg.com/securities/BBDXY%20index/gphttps://blinks.bloomberg.com/securities/B500T%20index/gphttps://blinks.bloomberg.com/securities/LBUSTRUU%20index/gphttps://blinks.bloomberg.com/securities/LUATTRUU%20index/gphttps://blinks.bloomberg.com/securities/LUACTRUU%20index/gphttps://blinks.bloomberg.com/securities/LF98TRUU%20index/gphttps://blinks.bloomberg.com/securities/BCOMNGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMCLTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMHOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMRBTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCNTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSYTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMWHTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMBOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMKWT%20index/gphttps://blinks.bloomberg.com/securities/BCOMHGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMALTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMZSTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMNITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSBTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMKCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCTTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLHTR%20index/gp
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Composite Roll Select Indices * Click hyperlinks to open in
Bloomberg
Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year
50-YearBCOM Roll Select BCOMRST 3.69% -3.26% 1.63% -6.83% 4.38%
-36.12% 103.25%
Roll Select Agriculture BCOMRAGT 6.73% 3.63% 9.72% -6.60%
-11.46% -35.69% 48.79%Roll Select Ex-Ags & Livestock BBURXALT
2.37% -5.32% -0.59% -5.22% 15.14% -38.47% 125.51%
Roll Select Grains BCOMRGRT 5.82% 5.52% 10.60% -2.60% -15.91%
-37.37% 37.69%Roll Select Softs BCOMRSOT 7.14% -6.54% -0.63%
-24.73% -23.83% -54.64% -16.98%
Roll Select Livestock BCOMRLIT 2.12% -16.26% -14.74% -30.81%
-33.86% -36.93% 8.22%Roll Select Energy BCOMRENT 3.16% -29.06%
-24.25% -31.09% -24.53% -66.16% -24.55%
Roll Select Ex-Energy BCOMRXET 3.87% 8.02% 12.70% 3.52% 16.40%
-21.03% 164.79%Roll Select Petroleum BCOMRPET 19.97% -31.75%
-25.58% -22.86% -11.05% -50.83% 107.24%
Roll Select Industrial Metals BCOMRINT 10.43% 15.05% 18.55%
5.87% 57.11% -19.93% 234.26%Roll Select Precious Metals BCOMRPRT
-5.63% 16.37% 20.93% 34.06% 57.22% 6.04% 444.59%
Single Commodity Roll Select Indices
Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year
50-YearNatural Gas RS BCOMRNGT -14.76% -22.38% -23.68% -55.94%
-59.82% -89.48% -97.24%
Low Sulfer Gas Oil RS BCOMRGOT 23.26% -42.99% -38.95% -34.80%
-27.89% -57.76% 22.22%WTI Crude RS BCOMRCLT 19.23% -24.87% -17.66%
-14.55% -4.87% -52.91% 125.17%
Brent Crude RS BCOMRCOT 18.39% -33.11% -26.14% -20.45% -9.14%
-47.70% 129.65%ULS Diesel RS BCOMRHOT 23.85% -44.58% -40.15%
-39.63% -31.80% -61.50% 27.91%
Unleaded Gasoline RS BCOMRRBT 20.88% -22.26% -17.29% -15.21%
6.56% -18.80% 176.31%Corn RS BCOMRCNT 5.43% -2.37% 0.46% -12.36%
-29.13% -50.24% -53.39%
Soybeans RS BCOMRSYT 11.60% 17.52% 25.56% 7.35% 22.87% 40.18%
474.27%Wheat RS BCOMRWHT -1.26% 0.27% 3.56% 3.09% -32.57% -69.17%
-41.77%
Soybean Oil RS BCOMRBOT 12.05% 0.18% 13.07% -6.02% 0.90% -48.09%
63.54%Soybean Meal RS BCOMRSMT 6.25% 18.56% 21.90% 10.74% 22.02%
108.63% 1169.09%HRW Wheat RS BCOMRKWT -0.20% 2.79% 11.41% -14.76%
-43.67% -73.48% -37.01%
Copper RS BCOMRHGT 12.54% 19.75% 26.00% 8.53% 57.68% -18.75%
492.54%Alumnium RS BCOMRALT 10.10% 5.72% 7.48% -11.22% 22.29%
-38.49% 6.20%
Zinc RS BCOMRZST 10.33% 20.42% 20.32% -4.72% 91.24% 21.42%
179.21%Nickel RS BCOMRNIT 5.65% 12.35% 15.33% 42.58% 73.78% -34.77%
400.93%Gold RS BCOMRGCT -5.75% 14.92% 19.11% 35.59% 60.45% 20.20%
472.59%Silver RS BCOMRSIT -5.22% 21.83% 27.70% 29.61% 47.34%
-28.92% 315.22%Sugar RS BCOMRSBT 2.71% -5.03% -0.78% -32.30%
-33.27% -64.05% 21.49%Coffee RS BCOMRKCT 14.97% -12.24% -4.70%
-29.88% -37.23% -73.95% -76.03%Cotton RS BCOMRCTT 3.30% 2.04% 7.94%
-0.74% 16.17% 0.69% -51.80%
Live Cattle RS BCOMRLCT 3.39% -17.39% -16.45% -23.55% -19.78%
-22.12% 32.98%Lean Hogs RS BCOMRLHT -0.53% -11.56% -9.05% -41.34%
-51.64% -56.53% -34.78%
PERFORMANCE: Bloomberg Commodity Roll Select Indices
Index Name Ticker
Index Name Ticker
2020
2020
https://blinks.bloomberg.com/securities/BCOMRST%20index/gphttps://blinks.bloomberg.com/securities/BCOMRAGT%20index/gphttps://blinks.bloomberg.com/securities/BBURXALT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRENT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRXET%20index/gphttps://blinks.bloomberg.com/securities/BCOMRPET%20index/gphttps://blinks.bloomberg.com/securities/BCOMRINT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRPRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRNGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCLT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRHOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRRBT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCNT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSYT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRWHT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRBOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRKWT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRHGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRALT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRZST%20index/gphttps://blinks.bloomberg.com/securities/BCOMRNIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSBT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRKCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCTT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLHT%20index/gp
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BCOM Constituent Weights BCOM Index MEMB * Click hyperlinks to
open in Bloomberg
Group Commodity TickerNov 2020 Contrib
to Return %Nov 30 2020
Weight %Oct 30 2020
Weight %
Nov 2020 Weight% Change
2021 Target Weight
Natural Gas NG -2.15 10.11 12.67 (2.56) 8.07%Low Sulfer Gas Oil
QS 0.33 1.56 1.29 0.27 2.64%
WTI Crude CL 1.16 5.50 4.56 0.93 8.14% Brent Crude CO 0.95 4.67
3.85 0.82 6.86% ULS Diesel HO 0.28 1.35 1.12 0.23 2.08% Gasoline XB
0.28 1.53 1.32 0.21 2.18%Subtotal 0.84 24.72 24.82 (0.09)
29.97%
Corn C 0.29 6.13 5.97 0.16 5.59% Soybeans S 0.66 6.62 6.23 0.39
5.82%
Wheat W -0.11 3.07 3.27 (0.20) 2.89% Soybean Oil BO 0.33 2.97
2.76 0.21 3.20%
Soybean Meal SM 0.21 4.05 4.01 0.04 3.60% HRW Wheat KW 0.00 1.62
1.67 (0.05) 1.57%
Subtotal 1.37 24.46 23.91 0.55 22.65% Copper HG 0.93 8.13 7.50
0.63 5.39%
Aluminum LA 0.45 4.63 4.37 0.26 4.21% Zinc LX 0.37 3.85 3.63
0.22 3.25%
Nickel LN 0.17 3.00 2.96 0.04 2.71%Subtotal 1.92 19.61 18.46
1.15 15.56%
Gold GC -0.88 14.62 16.07 (1.45) 14.65% Silver SI -0.23 4.40
4.80 (0.39) 4.35%
Subtotal -1.12 19.02 20.87 (1.84) 19.00% Sugar SB 0.04 3.05 3.14
(0.09) 2.99% Coffee KC 0.35 2.59 2.29 0.31 2.74% Cotton CT 0.03
1.46 1.45 0.01 1.51%
Subtotal 0.41 7.10 6.88 0.22 7.23% Live Cattle LC 0.05 3.40 3.40
0.00 3.85% Lean Hogs LH 0.03 1.67 1.66 0.01 1.73%Subtotal 0.08 5.07
5.06 0.01 5.57%
Total 3.50 100.00 100.00 100.00%
Energy
Livestock
Softs
Precious Metals
Industrial Metals
Grains
https://blinks.bloomberg.com/securities/BCOM%20index/membhttps://blinks.bloomberg.com/securities/NGA%20comdty/gphttps://blinks.bloomberg.com/securities/QSA%20comdty/gphttps://blinks.bloomberg.com/securities/CLA%20comdty/gphttps://blinks.bloomberg.com/securities/COA%20comdty/gphttps://blinks.bloomberg.com/securities/HOA%20comdty/gphttps://blinks.bloomberg.com/securities/XBA%20comdty/gphttps://blinks.bloomberg.com/securities/C%20A%20comdty/gphttps://blinks.bloomberg.com/securities/S%20A%20comdty/gphttps://blinks.bloomberg.com/securities/W%20A%20comdty/gphttps://blinks.bloomberg.com/securities/BOA%20comdty/gphttps://blinks.bloomberg.com/securities/SMA%20comdty/gphttps://blinks.bloomberg.com/securities/KWA%20comdty/gphttps://blinks.bloomberg.com/securities/HGA%20comdty/gphttps://blinks.bloomberg.com/securities/LAA%20comdty/gphttps://blinks.bloomberg.com/securities/LXA%20comdty/gphttps://blinks.bloomberg.com/securities/LNA%20comdty/gphttps://blinks.bloomberg.com/securities/GCA%20comdty/gphttps://blinks.bloomberg.com/securities/SIA%20comdty/gphttps://blinks.bloomberg.com/securities/SBA%20comdty/gphttps://blinks.bloomberg.com/securities/KCA%20comdty/gphttps://blinks.bloomberg.com/securities/CTA%20comdty/gphttps://blinks.bloomberg.com/securities/LCA%20comdty/gphttps://blinks.bloomberg.com/securities/LHA%20comdty/gp
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