Soybeans

Highlights Agricultural markets are informationally efficient for the most part, which is to say that at any given time, prices already reflect most public information available to traders, and a lot of private information as well. Even so, we believe markets are underestimating the Fed's resolve…

Highlights 2017/18 fundamentals are supportive for corn. Lower production and stronger demand will put the market into a deficit. China's E10 mandate is a boon for ethanol, and the ags used to produce it. Imports will be needed in the transition phase. Fed's interest-rate normalization is a…

Dear Client, We are pleased to present our 2017 Outlook for Grains & Softs, covering corn, wheat, soybeans and rice in the grain markets, and cotton and sugar. This is our last regular Weekly Report for the year. You should have received BCA's annual "Mr. X" interview on December 20, and we…

Highlights The resilience of EM industrial commodity demand, which is helping to lift inflation and inflation expectations in the U.S., will be tested over the next few months, as markets gear up for a possible oil-production deal between OPEC and Russia, and the first of perhaps three Fed rate…

A Fed rate hike by December could erode the slowly evolving fundamentals favoring base metals.

Commodity speculation provides liquidity to hedgers, allows price discovery, and offers access to an asset class that typically produces returns that are not correlated with stock or bond returns.

Increasing uncertainty over the Brexit vote will keep the Fed from raising its overnight policy rate at this week's FOMC meeting, but it may not keep the USD from rallying in the event of a decisive win for Brexit advocates on June 23.

China's 4.7 trillion RMB (~ $720 billion) fiscal stimulus program will be more bullish for base metals, particularly copper, than we initially surmised.

We focus on 3 stress-points in the economy and markets which segue to several high conviction investment recommendations.

China's reflation policies have succeeded in reviving iron ore and steel prices, which are up 45.6% and 52.6% from their January lows, along with the profitability of domestic steelmakers.