Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>It Remains Dry in the US - A Problem For Grain Prices? Many areas in the U.S. remain quite dry for this time of the year.</li><li>Compared to 2016 and 2019 the drought index DSCI remains in fact quite elevated.</li><li>But we also can say that a high DSCI doesn’t necessarily mean upside pressure for grain prices.</li></ul>

It Remains Dry in the US - A Problem For Grain Prices? Many areas in the U.S. remain quite dry for this time of the year.Compared to 2016 and 2019 the drought index DSCI remains in fact quite elevated.But we also can say that a high DSCI doesn’t necessarily mean upside pressure for grain prices.

It Remains Dry in the US - A Problem For Grain Prices?

<ul><li>The Abrdn Commodity Index is putting in a textbook head and shoulders consolidation pattern.</li><li>These chart patterns with a large base have the tendency to build the fundament for big breakouts. Something is brewing from a technical perspective here…</li><li>The ETF is tracking the Bloomberg Commodity Index Total Return (BCOM).</li></ul>

The Abrdn Commodity Index is putting in a textbook head and shoulders consolidation pattern.These chart patterns with a large base have the tendency to build the fundament for big breakouts. Something is brewing from a technical perspective here…The ETF is tracking the Bloomberg Commodity Index Total Return (BCOM).

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>China holding large soybean inventories and US soybean exports to China at zero for the 2025-26 marketing year</li><li>President Trump late in addressing trade issues with China, leaving US farmers and exporters struggling to recapture market share</li><li>US seeing strong exports of corn and wheat due to competitive prices, with potential exemptions for certain agri products from tariff rates in trade deals</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

China holding large soybean inventories and US soybean exports to China at zero for the 2025-26 marketing yearPresident Trump late in addressing trade issues with China, leaving US farmers and exporters struggling to recapture market shareUS seeing strong exports of corn and wheat due to competitive prices, with potential exemptions for certain agri products from tariff rates in trade dealsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Agri trade returns to President Trumps Agenda

<ul><li>This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always become more stretched.</li><li>Note: We’re long the June contract of Gold since mid of March</li><li>Another interesting thought regarding gold demand going forward: if AI models really become more efficient and less data center usage is needed, demand for gold in tech could be affected as well.</li></ul>

This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always become more stretched.Note: We’re long the June contract of Gold since mid of MarchAnother interesting thought regarding gold demand going forward: if AI models really become more efficient and less data center usage is needed, demand for gold in tech could be affected as well.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.</li><li>Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.</li><li>By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.</li></ul>

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

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Coffee (KC1 COMDTY)

It Remains Dry in the US - A Problem For Grain Prices?

It Remains Dry in the US - A Problem For Grain Prices? Many areas in the U.S. remain quite dry for this time of the year. Compared to 2016 and...

The Commodity Report

Something Is Brewing…

These chart patterns with a large base have the tendency to build the fundament for big breakouts. Something is brewing from a technical...

The Commodity Report

Global Commodities: Agri trade returns to President Trumps Agenda

China's record soybean inventories and limited imports from the US prompt President Trump to discuss trade with President Xi, while the US benefits...

At Any Rate

Sentiment Signal in Gold

This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always...

The Commodity Report

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets. Markets are heading into a tense week as the...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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