Observations #
Last week witnessed a recovery across almost all commodities, as well as stock indices.
Macro #
The price of the longest-term bond futures rose steadily last week, and the rise continued on Monday (today). This indicates the market is expecting a relatively accommodative monetary environment, which is good for bulls in the commodities market.
Grains and Animal Products #
Live hog prices showed a rebound last week, and the rebound continued on Monday (today). Corn futures bottomed last week and rebounded hard on Monday (today).
There is no significant change in the term structure of corn compared with last week.
Infrastructure and Real Estate #
Rebar futures also rebounded last week, but the rebound was not strong enough.
There is no significant change in the term structure of rebar either.
Glass futures’ fall seemed to have halted, and soda ash futures showed a strong rebound, especially this Monday (today).
Plan #
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