| |Commentary provided by Todd Delay of Gamma Q Further consolidation occurred in July with range bound trading for corn and soybeans. Wheat was the leader with deteriorating conditions across many areas, particularly the Northern Plains supporting price. The July WASDE report reduced wheat stocks by nearly 100 million bushels and we feel further reductions need to be made. Our long bias to wheat drove returns for the month. As was touched upon in our last newsletter, the middle of the growing season in North America witnessed a continuation of two distinct weather conditions for the corn belt, East and West, … Read more Gamma Q July 2021 Market Update
| |Covid is back in the spotlight driving markets with the new variant spreading rapidly throughout the world. Those not vaccinated are falling victim to this fast spreading thread of the disease. Markets were mostly unaffected as people wait to see the impact on global markets. Responses have been quite varied by country and it appears, at least in the United States, that most businesses and schools will look to resume at full capacity in the coming weeks. U.S. Indexes remained strong in July posting yet another positive monthly return. Standouts in commodities were primarily in Coffee and Sugar as severe … Read more July 2021 Flash Report
| |Nobody likes paying for insurance. It is intangible as you pay up front for an unknown risk that may or may not materialize. Many of us feel that we overpay, until we really need it. It is perhaps not surprising then that many investors spend little effort protecting against sudden and unexpected drops in the market. After all, it is much like insurance. Intuitively you may know you need it but premiums can be tough to pay no matter what. But if we insure our vehicles, which represent a small part of our wealth, why wouldn’t we spend even more … Read more Who is Driving the Bus?
| |Commentary provided by Chad Burlet of Third Street AG Investments Released: August 1st, 2021 We came into July on the heels of a huge price rally caused by the USDA’s June 30th acreage report. Their estimates for corn and soybean plantings were both more than a million acres below the average of the analysts’ estimates. Those rallies quickly faded, however, as both December Corn and November Soybeans recorded their monthly highs on July 1st. While corn and soybean futures both closed lower for the month, it would be misleading to say that the weather was good; “mixed” would be a more accurate … Read more July 2021 Market Letter
| |Inflation remained the hot topic in June as overall CTA performance cooled for the month. Other market themes were driven by the FED and its decision to taper. Equity markets were for the most part calm in June with the VIX closing lower for the fourth straight month (see chart below). The broader CTA space saw most longer term trends break in June predominantly in government bond futures and USD. The IASG Trend Index was -1.79% while the Agriculture Index +0.61% and Equity Index +0.86% led the way for June. Call me a Pessimist All investors know the … Read more June 2021 Flash Report
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