BLOOMBERG COMMODITY INDEX (BCOM) TABLES & … · Energy (29.7% of BCOM) The Saudis may go public,...
Transcript of BLOOMBERG COMMODITY INDEX (BCOM) TABLES & … · Energy (29.7% of BCOM) The Saudis may go public,...
February 2016Market Commentary 02Commodity Performance BCOM 08 Roll Select 09 Historical 10Contribution to Return & Weights 11Commodity Volatility Realized 12 Implied 13 Historical Realized 14Commodity Correlation Composites 15 Singles 16 US CPI Indices 17 Country CPI 18 Country GDP 19Commitment of Traders Report Monthly Notional Change & Correlation 20 Historical Net Positions 21Commodity Inventories & Sales Monthly Change & Correlation 23 Historical Levels 24Commodity ETP Flows 26Term Structures 27Research Dashboards (BI) 29Bloomberg Cheat Sheet 30
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TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX
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Energy (29.7% of BCOM)
The Saudis may go public, OPEC’s in disarray, the U.S. is suddenly a global exporter, and shale drillers are seeking lifelines from investors as banks abandon them. Welcome to oil’s new world order. A key question is what will break first - will it be the balance sheets of big U.S. shale companies, the treasuries of Venezuela and Nigeria or the resolve of Saudi Arabia? Venezuela, one of the world’s top 10 oil exporters, has bonds maturing in 2022 trading at distressed levels at 38 cents on the dollar and yield more than 40%. In 2013, the yield on these was below 10%. Nigeria’s bonds trade in similar ranges and it has already asked the World Bank and the African Development Bank for $3.5bn in emergency loans. IMF calculations suggests Saudi Arabia could be running a deficit of around $140bn, far above the government's own estimates of around $98bn, or 15% of GDP. Saudi banking stocks have fallen to the lowest levels in at least a decade relative to their net assets, showing concern that bad loans will increase.
For the last 75 years, almost every economic crisis has been preceded by an oil price spike. The worry now is that low energy prices are pushing the global economy into a tailspin as a growing share of the world’s consumers and investors are in the very places getting hammered by the collapse in oil. The problem is that the world’s economy relies far more today on emerging countries than 15 or 25 years ago - the last periods of ultra-low oil prices. And with the exception of China and India, most big emerging countries are oil and commodities rich. Such economies now account for about 40% of global GDP, about double their share in 1990, according to IMF. OPEC is struggling to co-exist with the U.S. shale oil industry. It has never had to deal with an oil supply source that can respond as rapidly to price changes as U.S. shale, said Abdalla Salem El-Badri, OPEC secretary-general. That inhibits the cartel’s ability to prop up prices by reducing output as “any increase in price, shale will come immediately and cover any reduction," he said. In light of this, the proposal by Saudi Arabia, Russia and others to freeze production at January levels will be evaluated in three to four months before deciding whether to take other steps. It’s hard to see a big reduction in the global crude glut after this announcement, however, as both Saudi Arabia and Russia are already pumping near record levels. Saudi Arabia produced 10.2m b/d in January, the highest January level since 1981 and Russian output was a post-Soviet record 10.88m b/d.
For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices. The companies’ latest projections, released in earnings reports, suggest the crash in oil prices has taken its toll. The number of active oil-drilling rigs in the U.S. is plunging toward the lowest level since Baker Hughes started tracking rig counts in 1940 and the latest rig count stood at 502, a collapse of about 75% over the last five years. However, the wide range of break-evens for US producers undermines efforts to come up with a single price threshold at which the rigs can stay profitable. Texas, for example, which would be the world’s sixth-largest oil producer if it were a country, has shale patches that are profitable with crude below $30 a barrel.
Talk of an output freeze by OPEC and Russia along with falling U.S. production spurred money managers to bet oil is ready for a rebound. Prices have risen 16% since Saudi Arabia, Russia, Venezuela and Qatar tentatively agreed on Feb. 16 to cap production at January levels and U.S. crude output dropped for a fifth week. Hedge funds and other speculators increased their net-long position in WTI futures and options by 14% to the highest level since November in the week ended Feb. 23. Trading volume for WTI futures climbed to a record 1.79 million contracts on the Nymex in mid-February, an all-time volume record for WTI. At the same time, the CBOE Crude Oil Volatility
Index, which measures expectations of price swings, climbed to the highest level in seven years.
Refineries in the middle of the U.S. are curtailing crude processing as profits shrink, leaving behind oil that’s adding to a supply glut. Stocks at Cushing have surged to a record of 64.7 million barrels, or more than 88% of working capacity, and stand at an 86-year high. Gasoline supplies in the Midwest are at the highest level since 1993. Sellers were discounting crude for delivery in March by as much as $2.83 a barrel compared with April, the steepest one-month contango since February 2011. BP Plc reported a 91% decline in fourth-quarter earnings after average oil prices dropped to the lowest in more than a decade, its biggest annual loss on record. Exxon Mobil Corp., one of three U.S. companies with Standard & Poor’s highest rating, is facing its first downgrade in 86 years according to the rating agency. Royal Dutch Shell Plc had its debt rating cut to the lowest since Standard & Poor’s began coverage in 1990. The U.S. shale industry is facing $9.8 billion in interest payments through the end of this year and almost half of the interest is owed by companies with junk-rated credit, according to data compiled by Bloomberg. And according to Moody’s Investors Service, as many as 74 oil & gas companies face significant difficulties in sustaining debt. Oil and natural-gas acquisitions will increase this year as a collapse in energy prices weakens companies’ finances, forcing them to accept lower valuations from buyers, according to Ernst & Young. However, oil and natural gas drillers are reluctant to acquire rivals because of huge debt burdens that would become payable upon takeover, according to Occidental Petroleum Corp. U.S. natural gas have fallen below $2 per million British thermal and are down 27% YTD, pushing futures to the lowest level for this time of year since 1999. Inventories totaled 2.584 trillion cubic feet as of Feb. 19, 28.7% above the five-year average, EIA data shows. For an idea of how long this rout will last, consider the 101 rigs left drilling for the fuel in the U.S. as of Feb. 19. That was the lowest count in records going back to 1987, down from a peak of 1,606. And yet, the U.S. government’s latest monthly data show production continues to rise. Until supply starts showing real signs of retreating, analysts say gas prices will remain under pressure.
Grains (22.8% of BCOM) For farmers who grow some of the biggest U.S. crops, choosing what to plant this year has become a bet on which
one will lose less money. A three-year plunge in prices has sent farm income to the lowest in more than a decade and left parts of the Midwest agricultural economy in recession. While growers probably would lose $70 on every acre of corn or soybeans they sow - the most since 1999 - those crops offer the best chance at profit if yields are better than average. While prices for all three crops are down more than 50% from peaks in 2012, improvements in seed technology to fight drought, bugs and disease have allowed farmers to collect at least 23% more corn and soybeans per acre since 2000, while wheat yields rose just 3.8%. So, even with record global surpluses, U.S. farmers are preparing to plant more corn and soybeans in 2016 and devote less land to wheat, a Bloomberg survey showed. Improving wheat conditions are underscoring the outlook for ample supplies after the U.S. government raised its estimate for world inventories to an all-time high. Falling consumption in China and India is adding to the surplus concerns, and prices are falling around the globe. Paris milling wheat reached a five-year low, while benchmark Chicago futures fell to the cheapest since 2010. American farmers, saddled with a stronger dollar, are having an even harder time finding buyers for their relatively expensive supplies. The U.S. Department of Agriculture forecasts that exports from the country will shrink to the smallest since 1972.
Egyptian state wheat purchases are falling behind past years after a standoff with sellers. The purchases are essential for a subsidized bread program for Egypt’s 88 million people, with population growth adding about 1.5 million mouths to feed each year. The General Authority for Supply Commodities, the state purchaser, halted three tenders to buy in the past few weeks as conflicting signals from officials on the levels of ergot, a toxic fungus, allowed in shipments led traders to make fewer offers at higher prices. The last time shipments were that low for mid-February was in the 2012-13 season, when political upheaval saw the overthrow of President Mohamed Mursi and imports hit a five-year low. Industrial Metals (17.6% of BCOM) Zinc soared more than 20% from a six-year low reached in January, entering a bull market, after production cuts tightened global supplies. Zinc consumption will exceed supply by 350,000 metric tons, according to the average estimate of six analysts surveyed by Bloomberg, which would be the largest deficit since 2005. Increased purchases by China are one reason for the rally as China’s refined metal imports increased in January, with zinc purchases up 150% from the same month last year amid an emerging shortage after the country’s smelters pledged to cut output by 500,000 tons this year.
While copper prices have rallied in five of the past six weeks on the prospect of improved industrial demand in China, funds and other large speculators have bet on declines for the metal since October. Weak demand in China and risks to the U.S. and European economies pose risk to copper prices. The bright spot may come from Chinese policy makers as the PBOC loosens restrictions on what banks could pay on deposits and charge for loans. The nation’s chief planning agency is also making more money available to local governments to fund infrastructure projects. For the first time in more than a decade, China is the center of the world’s copper stockpiles. There’s more metal in warehouses tracked by the Shanghai Futures Exchange than the London Metal Exchange as price differences make arbitrage trading profitable and encourage copper imports to China. China’s imports of refined copper surged in December to the most on record, according to customs data. Inventory monitored by the Shanghai bourse swelled by more than 140,000 tons since Aug. 27 to 277,000 tons last month, an all-time high. By comparison, LME-tracked stockpiles stood at 205,000 tons, about half the level from August 2015 and a one-year low.
Precious Metals (17.1% of BCOM) Gold’s comeback is dominating 2016. The precious metal is the year’s best-performing major asset as investors flee a bear market in global stocks, a weakening dollar and the fallout from the spread of negative interest rates. Its 17% gain is topping gauges of high-yield and investment grade bonds, Treasuries, all currencies and major stock indexes in developing and emerging countries. Oil priced in terms of an ounce of gold fell to the lowest level since at least 1988. A rally in prices last month had the precious metal nearing a bull market for the first time since 2013 amid mounting expectations that Federal Reserve Chair Yellen won’t follow through on her forecast for raising U.S. interest rates further this year. Traders were pricing in less than 50% odds that the Fed will raise rates by December, down from 93% at the start of 2016. The prospect of lower-than-expected borrowing costs - along with weakening equity and currency markets - is reviving gold’s appeal as a store of value. Inflows into exchange-traded funds tracking precious metals expanded 12 percent last month, the most since
February 2009. SPDR Gold Shares, the world’s largest bullion exchange-traded fund, attracted $4.5 billion of new money in 2016, the most among all U.S.-listed ETFs. All asset classes reported net outflows this year except for commodities and fixed income. Gold’s rally is spurring investor interest with volume on the COMEX exchange rocketing. With prices capping the best month in four years, trading on the exchange had the strongest-ever February.
Softs (7.0% of BCOM) The global sugar market is set to face its first shortage in five years, according to ED&F Man, as production will trail consumption by about 2.5 million metric tons, reversing surpluses from the previous four years. Drought is set to cut Thailand’s sugar cane crop to below 100 million metric tons, the lowest in at least four years. A surge in Indian sugar prices means the world’s second-largest supplier will sell more on the domestic market and less abroad, with exports expected to be less than 50% of what the government ordered. The European Union is poised to miss its sugar export quotas this season as a 23% fall in sugar harvest limits overseas sales. Tightness in sugar supplies is already being felt in the market for refined sweetener, where its premium over the raw variety rose to a five-month high of $117 a ton on stronger Chinese demand and El Nino-induced delays to crops in Central America. China brought in a record 4.8 million tons of sugar last year and imports in 2016 could remain big. South Africa may become a net sugar importer for the first time in at least half a century if a drought that’s destroying the nation’s crops worsens. The country had the least rainfall in more than a century last year. The outlook for Brazil’s robusta coffee crop, the world’s second-largest, has worsened amid drier-than-normal weather. The lingering El Nino weather pattern is bringing dry conditions as inventories are already depleting in Brazil, the biggest exporter. Brazil’s stockpiles will fall to between 4 million and 6 million bags, the Coffee Council estimates, near a record low. Inventories are sliding elsewhere too. Arabica coffee stockpiles dropped to the lowest in more than three years as inventories in warehouses monitored by the ICE Futures U.S. exchange have fallen to 1.546 million bags. Fewer beans have entered the reserves because Latin American supplies, which usually make up most of the stockpiles, have been trading at a higher premium to futures. Strong cash prices are discouraging suppliers from delivering beans to the exchange. The El Nino weather pattern is reducing crop quality in Colombia, and dryness there may cut output by 1 million bags. The tightening supply situation is a reversal from 2015 when coffee prices tumbled 24%. To add to tightening supply, the USDA forecasts that world demand will also climb to a record this season.
Livestock (5.8% of BCOM)
As cattle futures price volatility at the end of 2015 soared to the highest in at least a decade and prices increasingly reached daily trading limits, CME responded by establishing a working group with the National Cattlemen’s Beef Association (NCBA), which says that the volatility deterred cattle owners from using the derivatives to protect against price swings, to examine more changes in trading. While NCBA suspects high-frequency traders, who use computer algorithms to execute deals measured in microseconds, are the cause of the elevated volatility, only 10% of cattle futures trading is accounted for by high-frequency traders, compared with about 50% across all trading on the CME. Slumping volume in the underlying cash market where cattle change hands directly between owners and meatpackers could be another reason behind volatility. Volumes in the cash market have been falling for decades as cattle owners increasingly agree to sales contracts based on price formulas.
CME announced measures to help curb price swings while denying that high-frequency traders are to blame. As of 1 February, cattle futures were added to an existing CME system that caps how many order updates traders can send in relation to the number of trades they actually execute. Furthermore, effective Feb. 29, futures and options in cattle, hogs and feeder cattle on CME Globex will trade shorter hours, pending approval from regulators.
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Composite Indices* Click hyperlinks to open in Bloomberg
Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -1.65% -1.70% -12.07% -14.48% -26.58% -44.39% -54.29% -53.19% -28.62%Bloomberg Commodity TR BCOMTR -1.63% -1.68% -12.02% -14.47% -26.50% -44.29% -54.14% -47.87% 14.58%
Bloomberg Commodity Spot BCOMSP 0.84% -1.38% -8.44% -13.73% -19.45% -38.07% -43.89% 9.82% 134.78%Bloomberg Roll Select BCOMRST -0.84% -1.30% -10.57% -13.61% -24.61% -41.02% -49.51% -22.50% 161.75%
1 Month Forward BCOMF1T -1.25% -1.56% -10.94% -14.37% -25.23% -41.42% -50.78% -34.54% 112.98% 2 Month Forward BCOMF2T -1.12% -1.47% -10.81% -14.23% -25.34% -42.01% -51.70% -32.54% 143.79% 3 Month Forward BCOMF3T -0.97% -1.48% -10.05% -14.14% -24.55% -40.44% -49.90% -24.53% 157.63% 4 Month Forward BCOMF4T -0.84% -1.31% -9.26% -13.73% -23.36% -38.98% -47.67% -16.42% 5 Month Forward BCOMF5T -0.72% -1.36% -9.11% -13.54% -23.04% -39.23% -47.52% -13.23% 6 Month Forward BCOMF6T -0.56% -1.32% -8.92% -13.28% -22.71% -38.71% -47.08% -9.15%
Energy BCOMENTR -9.27% -7.31% -28.35% -22.34% -49.17% -67.45% -74.93% -90.07% -49.35%Petroleum BCOMPETR -3.22% -9.53% -30.45% -24.47% -48.22% -68.67% -69.04% -75.27% 60.64%Agriculture BCOMAGTR -2.78% -0.81% -2.96% -12.63% -15.54% -36.20% -46.25% -8.63% -33.29%
Grains BCOMGRTR -4.68% 2.64% -5.28% -13.72% -17.21% -39.86% -42.03% -2.79% -46.01%Industrial Metals BCOMINTR 3.35% -1.39% -9.53% -11.11% -22.14% -37.90% -56.11% -29.92% 56.93%Precious Metals BCOMPRTR 8.98% 4.76% -0.51% -5.55% -2.01% -30.53% -28.41% 88.74% 199.68%
Softs BCOMSOTR 1.97% -9.63% 0.47% -7.53% -12.38% -37.24% -62.74% -45.56% -41.96%Livestock BCOMLITR 0.93% 1.34% -2.16% -5.38% -6.77% -4.83% -17.26% -48.18% -50.02%Ex-Energy BCOMXETR 1.71% 0.65% -3.73% -10.08% -13.29% -32.40% -42.75% -0.08% 21.06%
Ex-Petroleum BCOMXPET -1.35% 0.28% -6.26% -10.70% -18.79% -36.93% -50.93% -41.70%Ex-Agriculture BCOMXAGT -1.14% -2.19% -16.00% -15.25% -31.03% -48.14% -57.86% -61.11%
Ex-Grains BCOMXGRT -0.97% -2.63% -13.46% -14.63% -28.36% -45.45% -56.88% -56.73%Ex-Industrial Metals BCOMXIMT -2.64% -1.77% -12.49% -15.06% -27.39% -45.67% -53.88% -54.62%Ex-Precious Metals BCOMXPMT -3.61% -3.01% -14.26% -16.06% -30.66% -47.28% -58.29% -57.37%
Ex-Softs BCOMXSOT -1.89% -1.01% -13.10% -14.96% -27.66% -45.02% -53.57% -48.78%Ex-Livestock BCOMXLIT -1.78% -1.84% -12.51% -14.90% -27.42% -46.03% -55.75% -47.89%
Ex-Agriculture & Livestock BCOMXALT -1.33% -2.48% -17.00% -15.93% -32.61% -50.86% -60.33% -62.48%S&P 500 Total Return SPXT -0.13% -4.96% 1.73% -6.44% -6.19% 35.85% 62.03% 86.65% 338.80%
Bloomberg US Treasury Bond BUSY 0.91% 2.10% 1.12% 2.07% 2.76% 6.86% 19.64%Bloomberg USD IG Corporate Bond BUSC 0.76% 0.26% -0.30% 0.64% -1.74% 6.25% 24.97%Bloomberg USD HY Corporate Bond BUHY 0.71% -1.54% -3.03% -5.14% -6.97% 2.01% 21.17%
Bloomberg Dollar Spot BBDXY -1.79% 1.58% 3.15% 2.80% 4.88% 21.10% 28.45% 14.56%
Single Commodity Indices
Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -25.78% -2.73% -24.13% -15.02% -53.58% -68.72% -87.19% -99.16% -99.24%WTI Crude BCOMCLTR -6.81% -11.90% -32.52% -27.38% -51.01% -71.28% -75.75% -84.22% 14.70%
Brent Crude BCOMCOT -0.65% -7.51% -31.98% -26.29% -51.64% -72.38% -70.04% -65.62% 263.64%ULS Diesel BCOMHOTR 0.59% -6.09% -35.28% -20.49% -50.13% -66.82% -66.46% -66.30% 65.52%
Unleaded Gasoline BCOMRBTR -5.75% -12.76% -20.32% -19.76% -36.13% -60.81% -47.32% -36.65% 268.86%Corn BCOMCNTR -5.29% 3.71% -6.19% -10.74% -18.21% -52.44% -49.55% -25.28% -81.49%
Soybeans BCOMSYTR -2.85% 2.10% -1.90% -13.99% -15.58% -14.90% -4.91% 109.86% 224.49%Wheat BCOMWHTR -6.27% 1.99% -7.07% -17.53% -14.54% -46.10% -64.20% -64.15% -92.41%
Soybean Oil BCOMBOTR -0.77% 0.44% 11.11% -19.74% -9.68% -42.18% -55.43% -21.47% -37.72%Soybean Meal BCOMSMT -4.35% 2.62% -12.11% -10.53% -19.99% 3.59% 37.37% 296.32% 904.40%HRW Wheat BCOMKWT -5.11% 0.77% -8.82% -21.17% -24.95% -49.27% -65.21% -52.96% -73.51%
Copper BCOMHGTR 3.05% -3.17% -12.05% -10.73% -21.58% -41.20% -55.26% -3.35% 180.66%Alumnium BCOMALTR 3.30% 0.55% -4.93% -8.29% -18.07% -35.50% -55.76% -60.81% -40.01%
Zinc BCOMZSTR 8.40% 0.83% -4.99% -16.01% -16.67% -23.12% -41.59% -39.35% 17.84%Nickel BCOMNITR -1.30% -2.35% -17.51% -13.46% -40.43% -51.15% -72.64% -36.72% 90.10%Gold BCOMGCTR 10.60% 5.29% 0.06% -5.00% 1.37% -22.65% -14.60% 102.56% 195.26%Silver BCOMSITR 4.61% 3.21% -2.14% -7.12% -11.00% -49.39% -58.14% 37.18% 148.66%Sugar BCOMSBTR 9.92% -13.76% 2.07% -4.38% -5.00% -46.96% -60.70% -59.70% -9.09%Coffee BCOMKCTR -2.84% -8.15% -6.81% -10.50% -26.30% -40.04% -72.91% -58.87% -70.69%Cotton BCOMCTTR -8.36% -3.38% 0.93% -10.99% -15.02% -30.09% -60.10% -31.33% -82.02%
Live Cattle BCOMLCTR 2.25% -2.73% 0.09% -14.57% -8.90% 3.66% -6.15% -25.41% 1.20%Lean Hogs BCOMLHTR -1.00% 8.46% -6.43% 13.44% -2.72% -18.59% -34.04% -72.78% -86.21%
Index Name Ticker
Index Name Ticker
PERFORMANCE: Bloomberg Commodity Indices
2016 2015
2016 2015
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Composite Roll Select Indices
Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -0.84% -1.30% -10.57% -13.61% -24.61% -41.02% -49.51% -22.50% 161.75%
Roll Select Agriculture BCOMRAGT -2.78% -0.91% -3.39% -12.73% -16.41% -36.45% -43.01% 23.11% 18.87%Roll Select Ex-Ags & Livestock BBURXALT -0.10% -1.58% -14.41% -14.55% -29.20% -46.38% -55.27% -44.20%
Roll Select Grains BCOMRGRT -4.54% 2.16% -5.89% -13.25% -17.28% -41.21% -39.77% 33.11% -2.70%Roll Select Softs BCOMRSOT 1.64% -9.03% 0.39% -9.57% -15.55% -34.86% -58.90% -25.66% 5.82%
Roll Select Livestock BCOMRLIT 1.05% -1.17% -4.85% -5.43% -9.80% 0.80% -10.29% 0.05%Roll Select Energy BCOMRENT -5.96% -4.93% -22.93% -19.74% -42.62% -60.41% -67.74% -78.19%
Roll Select Ex-Energy BCOMRXET 1.67% 0.31% -4.17% -10.10% -13.89% -31.99% -40.43% 29.90%Roll Select Petroleum BCOMRPET -2.00% -6.53% -23.81% -22.45% -42.70% -62.81% -62.93% -51.10% 466.75%
Roll Select Industrial Metals BCOMRINT 3.24% -1.70% -9.73% -10.85% -21.89% -36.72% -54.62% -12.87% 141.42%Roll Select Precious Metals BCOMRPRT 8.98% 4.72% -0.54% -5.56% -2.03% -30.48% -28.10% 90.47% 208.07%
Single Commodity Roll Select Indices
Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -16.89% -1.92% -22.08% -11.97% -44.41% -58.01% -78.57% -96.91% -81.86%WTI Crude RS BCOMRCLT -3.77% -4.82% -19.43% -23.20% -39.88% -62.31% -65.42% -54.85% 547.20%
Brent Crude RS BCOMRCOT -1.83% -7.02% -27.24% -23.12% -47.04% -66.15% -64.92% -48.22% 568.91%ULS Diesel RS BCOMRHOT 0.06% -6.46% -32.17% -19.22% -47.17% -64.76% -65.63% -55.27% 238.93%
Unleaded Gasoline RS BCOMRRBT 0.02% -9.68% -19.38% -22.63% -36.18% -56.58% -49.07% -31.57% 522.71%Corn RS BCOMRCNT -4.83% 2.65% -7.95% -9.85% -18.61% -52.01% -47.64% -0.66% -67.16%
Soybeans RS BCOMRSYT -2.85% 2.10% -1.88% -13.58% -15.24% -18.17% 1.09% 145.75% 276.87%Wheat RS BCOMRWHT -6.52% 1.71% -6.25% -17.89% -14.42% -47.82% -63.76% -31.60% -65.56%
Soybean Oil RS BCOMRBOT -0.77% 0.50% 11.12% -19.46% -9.21% -40.81% -52.19% -5.06% 2.72%Soybean Meal RS BCOMRSMT -4.35% 2.62% -12.14% -10.25% -20.98% 0.53% 45.82% 360.55% 1041.14%HRW Wheat RS BCOMRKWT -5.05% 0.74% -8.56% -20.15% -24.00% -49.90% -63.44% -21.05% -38.83%
Copper RS BCOMRHGT 2.83% -3.64% -12.64% -10.63% -22.26% -42.01% -55.16% 13.37% 313.23%Alumnium RS BCOMRALT 3.30% 0.55% -4.82% -7.59% -15.95% -31.11% -52.20% -49.35% -5.17%
Zinc RS BCOMRZST 8.35% 0.14% -5.12% -15.93% -17.17% -21.52% -40.10% -22.55% 84.47%Nickel RS BCOMRNIT -1.29% -2.36% -16.98% -13.63% -40.09% -50.14% -71.41% -18.45% 222.60%Gold RS BCOMRGCT 10.60% 5.29% 0.05% -5.01% 1.36% -22.69% -14.55% 101.66% 196.53%Silver RS BCOMRSIT 4.60% 3.08% -2.23% -7.12% -11.02% -49.11% -57.41% 44.17% 174.86%Sugar RS BCOMRSBT 9.09% -12.32% 2.24% -8.04% -10.73% -42.91% -56.47% -36.28% 89.48%Coffee RS BCOMRKCT -2.52% -8.18% -6.66% -11.02% -26.47% -38.97% -71.57% -50.74% -50.60%Cotton RS BCOMRCTT -8.25% -4.05% 1.02% -11.16% -15.01% -27.77% -53.46% -11.75% -69.05%
Live Cattle RS BCOMRLCT 2.26% -3.40% -1.24% -12.72% -8.36% 2.17% -8.25% 7.18% 106.51%Lean Hogs RS BCOMRLHT -0.70% 1.75% -12.16% 9.04% -12.99% -4.58% -16.40% -19.46% 33.37%
PERFORMANCE: Bloomberg Commodity Roll Select Indices
Index Name Ticker
Index Name Ticker2016 2015
2016 2015
9
PERFORMANCE: Historical ReturnBloomberg Commodity Composite Indices
Commodities vs. Equities vs. Bonds vs. USD
Bloomberg Commodity Energy Subindices
Bloomberg Commodity Forward Indices
Bloomberg Commodity Group Subindices
Bloomberg Commodity Grains Subindices
Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices
Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices
-100%0%
100%200%300%400%500%600%700%800%900%
91 93 95 97 99 01 03 05 07 09 11 13 15
BloombergCommodity Index ER
BloombergCommodity Index TR
BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select
-50%0%
50%100%150%200%250%300%350%400%450%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Bloomberg CommodityIndex TR
Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward
-60%-40%-20%
0%20%40%60%80%
100%120%
10 11 12 13 14 15
BloombergCommodity Index TR
S&P 500 Total ReturnIndex
Bloomberg USTreasury Bond Index
Bloomberg USCorporate Bond Index
Bloomberg USD HYCorporate Bond Index
Bloomberg U.S. DollarSpot Index
-200%
0%
200%
400%
600%
800%
1000%
91 93 95 97 99 01 03 05 07 09 11 13 15
Energy
Grains
Industrial Metals
Precious Metals
Softs
Livestock
-500%
0%
500%
1000%
1500%
2000%
2500%
3000%
91 93 95 97 99 01 03 05 07 09 11 13 15
Natural Gas
WTI Crude
Brent Crude
ULS Diesel
Unleaded Gasoline-200%
0%200%400%600%800%
1000%1200%1400%1600%1800%
91 93 95 97 99 01 03 05 07 09 11 13 15
Corn
Soybeans
Wheat
Soybean Oil
Soybean Meal
HRW Wheat
-200%
0%
200%
400%
600%
800%
1000%
91 93 95 97 99 01 03 05 07 09 11 13 15
Copper
Alumnium
Zinc
Nickel-100%
0%100%200%300%400%500%600%700%800%900%
91 93 95 97 99 01 03 05 07 09 11 13 15
Gold
Silver
-200%
-100%
0%
100%
200%
300%
400%
500%
91 93 95 97 99 01 03 05 07 09 11 13 15
Sugar
Coffee
Cotton
-100%-80%-60%-40%-20%
0%20%40%60%80%
100%120%
91 93 95 97 99 01 03 05 07 09 11 13 15
Live Cattle
Lean Hogs
10
BCOM Constituent Weights BCOM Index MEMB <GO>
Group Commodity Ticker Feb 29 2016 Actual Weight
Jan 29 2016 Actual Weight
Feb 2016 Weight Change
2016 Target Weight
Natural Gas NG 6.55% 8.40% -1.85% 8.45% WTI Crude CL 7.41% 7.06% 0.35% 7.47%
Brent Crude CO 7.80% 7.93% -0.13% 7.53% ULS Diesel HO 3.81% 3.73% 0.08% 3.83% Gasoline XB 4.16% 3.52% 0.64% 3.75%Subtotal 29.73% 30.64% -0.91% 31.03%
Corn C 7.30% 7.67% -0.37% 7.36% Soybeans S 5.57% 5.76% -0.19% 5.70%
Wheat W 3.20% 3.41% -0.21% 3.33% Soybean Oil BO 2.89% 2.91% -0.02% 2.84%
Soybean Meal SM 2.73% 2.86% -0.13% 2.84% HRW Wheat KW 1.12% 1.17% -0.05% 1.15%
Subtotal 22.81% 23.78% -0.97% 23.22% Copper HG 7.65% 7.48% 0.17% 7.63%
Aluminum LA 4.78% 4.67% 0.11% 4.60% Zinc LX 2.82% 2.55% 0.27% 2.53%
Nickel LN 2.28% 2.33% -0.05% 2.36%Subtotal 17.53% 17.03% 0.50% 17.11%
Gold GC 12.63% 11.52% 1.11% 11.38% Silver SI 4.41% 4.25% 0.16% 4.21%
Subtotal 17.04% 15.77% 1.27% 15.59% Sugar SB 3.55% 3.27% 0.28% 3.63% Coffee KC 2.16% 2.20% -0.04% 2.29% Cotton CT 1.34% 1.46% -0.12% 1.49%
Subtotal 7.05% 6.93% 0.12% 7.41% Live Cattle LC 3.51% 3.47% 0.04% 3.57% Lean Hogs LH 2.33% 2.37% -0.04% 2.06%Subtotal 5.84% 5.84% 0.00% 5.63%
Total 100% 100% 100%
Commodity Price ForecastsCPFC <GO>
Group Commodity Q1 16 Q2 16 Q3 16 Q4 16Forward 1.95 1.90 2.07 2.44Forecast 2.30 2.31 2.50 2.78Forward 32.32 37.07 39.27 40.65Forecast 33.00 36.00 41.50 45.92Forward 33.87 36.65 38.46 41.61Forecast 34.00 37.50 41.85 46.00Forward 104.86 113.52 116.55 116.55Forecast 145.00 150.00 164.00 164.00Forward 114.34 135.20 127.28 113.71Forecast 131.70 149.15 157.00 167.00Forward 359.99 359.45 368.07 377.28Forecast 379.00 379.00 389.50 385.00Forward 868.85 864.35 870.31 876.17Forecast 874.50 873.00 876.00 900.00Forward 460.37 456.86 471.49 487.52Forecast 480.00 500.00 500.00 520.00Forward 4,594 4,697 4,688 4,682Forecast 4,500 4,580 4,838 5,000Forward 1,528 1,576 1,582 1,588Forecast 1,495 1,521 1,585 1,617Forward 1,666 1,764 1,770 1,773Forecast 1,612 1,623 1,700 1,800Forward 8,438 8,520 8,549 8,579Forecast 8,529 8,875 9,250 9,750Forward 1,181 1,235 1,236 1,237Forecast 1,100 1,100 1,122 1,145Forward 14.72 14.93 14.97 15.02Forecast 14.40 14.70 15.00 15.23Forward 14.00 14.25 14.31 14.79Forecast 14.07 14.00 14.50 14.70Forward 115.57 115.96 118.73 121.22Forecast 124.20 125.05 125.00 129.10Forward 59.25 56.36 55.98 56.39Forecast 62.00 62.00 62.20 63.00
Softs
Bloomberg survey of commodity analysts
Energy
Grains
Industrial Metals
Precious Metals
Natural Gas
WTI Crude
Brent Crude
ULS Diesel
Gasoline
Corn
Soybeans
Wheat
Copper
Aluminum
Coffee
Cotton
Zinc
Nickel
Gold
Silver
Sugar
Energy
Livestock
Softs
Precious Metals
Industrial Metals
Grains
11
Composite Indices
Bloomberg Commodity ER BCOM 22.59% 17.20% 15.35% 12.58% 13.98% 18.01% 16.02%Bloomberg Commodity TR BCOMTR 22.58% 17.20% 15.35% 12.57% 13.98% 18.01% 16.02%
Bloomberg Commodity Spot BCOMSP 22.59% 17.05% 15.38% 12.62% 14.02% 18.10% 16.12%Bloomberg Roll Select BCOMRST 17.21% 14.79% 14.15% 11.75% 13.19% 16.96% 14.63%
1 Month Forward BCOMF1T 20.06% 16.34% 15.02% 12.22% 13.68% 17.66% 15.46% 2 Month Forward BCOMF2T 19.51% 15.70% 14.70% 11.96% 13.43% 17.37% 14.94% 3 Month Forward BCOMF3T 18.23% 15.06% 14.36% 11.67% 13.21% 17.07% 14.51% 4 Month Forward BCOMF4T 17.79% 14.73% 14.10% 11.44% 12.98% 16.81% 5 Month Forward BCOMF5T 16.94% 14.25% 13.64% 11.05% 12.60% 16.31% 6 Month Forward BCOMF6T 16.94% 14.25% 13.64% 11.05% 12.60% 16.31%
Energy BCOMENTR 66.08% 44.75% 33.53% 26.08% 24.96% 29.00% 30.66%Petroleum BCOMPETR 73.41% 51.79% 41.50% 30.27% 28.59% 33.14% 33.08%Agriculture BCOMAGTR 7.53% 12.17% 15.60% 14.85% 17.37% 20.91% 18.39%
Grains BCOMGRTR 7.63% 14.36% 19.81% 18.95% 21.51% 25.18% 22.61%Industrial Metals BCOMINTR 24.16% 20.82% 19.55% 17.04% 19.41% 26.22% 22.35%Precious Metals BCOMPRTR 13.42% 17.58% 16.36% 19.56% 20.88% 23.32% 19.70%
Softs BCOMSOTR 11.28% 19.61% 20.55% 19.57% 20.31% 22.42% 20.64%Livestock BCOMLITR 10.03% 20.00% 17.14% 13.92% 13.70% 14.23% 14.52%Ex-Energy BCOMXETR 9.45% 10.85% 11.20% 10.92% 13.05% 16.76% 13.81%
Ex-Petroleum BCOMXPET 9.01% 11.77% 11.19% 10.95% 12.75% 16.55%Ex-Agriculture BCOMXAGT 33.98% 23.02% 19.03% 15.09% 15.91% 19.85%
Ex-Grains BCOMXGRT 9.45% 10.85% 11.20% 10.92% 13.05% 16.76%Ex-Industrial Metals BCOMXIMT 28.01% 20.03% 17.10% 13.69% 14.75% 18.68%Ex-Precious Metals BCOMXPMT 24.50% 18.21% 16.31% 13.46% 14.60% 18.20%
Ex-Softs BCOMXSOT 25.12% 20.22% 17.44% 13.75% 14.85% 18.96%Ex-Livestock BCOMXLIT 24.53% 18.13% 16.00% 13.13% 14.43% 18.56%
Ex-Agriculture & Livestock BCOMXALT 33.98% 23.02% 19.03% 15.09% 15.91% 19.85%S&P 500 Total Return Index SPXT 18.37% 20.68% 16.61% 13.33% 15.75% 20.90% 19.66%
Bloomberg US Treasury Bond Index BUSY 4.63% 4.10% 4.38% 3.91% 4.09%Bloomberg USD IG Corporate Bond Index BUSC 4.03% 4.03% 4.40% 4.12% 4.38%Bloomberg USD HY Corporate Bond Index BUHY 2.56% 6.01% 3.95% 3.37% 3.24%
Bloomberg U.S. Dollar Spot Index BBDXY 13.71% 7.23% 7.44% 6.13% 6.37% 7.09%
Single Commodity Indices
Natural Gas BCOMNGTR 73.76% 52.30% 38.32% 38.52% 38.88% 43.37% 46.88%WTI Crude BCOMCLTR 89.78% 56.07% 45.28% 33.77% 32.00% 35.46% 34.70%
Brent Crude BCOMCOT 74.59% 55.67% 43.42% 31.30% 28.98% 32.83% 32.13%ULS Diesel BCOMHOTR 66.31% 53.80% 38.92% 27.51% 25.65% 30.69% 32.48%
Unleaded Gasoline BCOMRBTR 61.60% 48.93% 41.11% 30.55% 28.87% 34.53% 34.21%Corn BCOMCNTR 6.91% 16.02% 22.48% 23.74% 26.86% 30.96% 26.92%
Soybeans BCOMSYTR 10.39% 14.42% 18.85% 19.60% 20.50% 24.66% 23.83%Wheat BCOMWHTR 16.30% 20.39% 29.29% 25.52% 29.61% 34.09% 29.75%
Soybean Oil BCOMBOTR 7.89% 20.48% 21.98% 19.64% 19.68% 23.98% 23.45%Soybean Meal BCOMSMT 17.81% 17.71% 20.77% 24.27% 24.54% 27.86% 26.60%HRW Wheat BCOMKWT 15.69% 22.68% 28.15% 23.89% 27.10% 31.03% 27.01%
Copper BCOMHGTR 22.86% 23.93% 22.97% 19.97% 22.62% 31.53% 27.79%Alumnium BCOMALTR 25.92% 19.40% 17.73% 17.27% 19.13% 23.97% 20.55%
Zinc BCOMZSTR 26.59% 29.22% 25.96% 20.27% 22.87% 34.40% 28.27%Nickel BCOMNITR 36.26% 27.03% 32.81% 27.16% 29.03% 39.13% 35.56%Gold BCOMGCTR 11.20% 15.68% 14.47% 17.58% 18.05% 20.27% 17.57%Silver BCOMSITR 22.99% 26.90% 25.32% 28.52% 33.37% 36.37% 30.60%Sugar BCOMSBTR 31.92% 29.20% 30.48% 24.08% 26.95% 33.24% 31.82%Coffee BCOMKCTR 26.58% 27.06% 32.88% 36.08% 33.74% 31.28% 36.73%Cotton BCOMCTTR 24.20% 13.97% 18.62% 19.00% 24.27% 27.15% 25.95%
Live Cattle BCOMLCTR 9.87% 22.21% 18.08% 14.34% 14.18% 14.24% 14.42%Lean Hogs BCOMLHTR 20.15% 25.91% 27.27% 22.51% 21.10% 22.61% 24.19%
10-Year 20-Year
20-Year
VOLATILITY: Realized
Index Name Ticker
Index Name Ticker
3-Mon 1-Year 3-Year1-Mon
1-Mon 3-Mon 1-Year 3-Year 5-Year 10-Year
5-Year
12
VOLATILITY: ImpliedVCA <GO> OVDV <GO>
TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%
End of Feb 1% 52% 0% 0% 42% 0% 0% 37% 0%End of Jan 2% 47% 0% 1% 36% -1% 1% 32% -1%End of Feb 5% 57% -3% 3% 51% -2% 1% 46% -1%End of Jan 4% 58% -2% 2% 53% -2% 1% 47% -1%End of Feb 4% 57% -3% 2% 53% -3% 2% 48% -2%End of Jan 1% 61% 1% 1% 55% 0% 1% 49% -1%End of Feb 4% 47% 0% 1% 44% -1% 0% 40% 0%End of Jan 2% 52% 0% 0% 47% 0% 0% 40% 0%End of Feb 1% 45% -1% 0% 42% 0% 0% 41% 0%End of Jan 0% 55% 0% 0% 44% 0% 0% 39% 0%End of Feb 5% 14% 6% -2% 18% 3% -2% 23% 2%End of Jan 4% 16% 5% -1% 18% 2% -2% 23% 1%End of Feb 9% 11% 6% 2% 13% 2% 0% 16% 2%End of Jan 7% 14% 5% 2% 15% 1% 1% 17% 1%End of Feb 1% 19% 6% -2% 23% 3% -2% 25% 2%End of Jan 0% 20% 5% -2% 24% 2% -2% 25% 2%End of Feb 2% 17% 3% 1% 17% 2% 0% 18% 1%End of Jan 6% 19% 4% 1% 18% 1% 0% 19% 1%End of Feb 6% 14% 5% 1% 16% 2% 0% 19% 1%End of Jan 4% 18% 5% 1% 18% 1% 1% 19% 1%End of Feb 0% 18% 7% -2% 22% 3% -2% 25% 2%End of Jan 0% 19% 4% -2% 23% 2% -1% 24% 1%End of Feb 2% 22% 0% 1% 23% -1% 1% 23% -1%End of Jan 3% 23% 1% 1% 25% -1% 1% 25% 0%End of Feb 0 17% 0% 0% 17% 0% 0% 17% 0%End of Jan 0% 19% 0% 0% 22% -2% 0% 19% 0%End of Feb 0% 45% 0% 0% 39% 0% 0% 30% -1%End of Jan 0% 33% 0% 0% 31% 0% 0% 29% 0%End of Feb 0% 30% 0% 0% 30% 0% 0% 30% 0%End of Jan 0% 33% 0% 0% 33% 0% 0% 33% 0%End of Feb -1% 20% 1% 0% 20% 1% 0% 20% 1%End of Jan 1% 13% 1% 0% 16% 0% 1% 17% 0%End of Feb 2% 24% 4% 0% 26% 2% 0% 27% 1%End of Jan 4% 21% 3% 2% 23% 0% 0% 56% 0%End of Feb -2% 33% 2% -1% 30% 2% -1% 29% 1%End of Jan 1% 30% 2% -1% 29% 2% -1% 28% 2%End of Feb -2% 29% 4% -2% 29% 2% -2% 29% 2%
End of Jan -1% 29% 5% -2% 30% 3% -2% 31% 2%End of Feb 2% 27% 0% 2% 24% 0% 1% 21% 0%End of Jan 10% 16% 8% 1% 17% 1% 1% 17% 0%End of Feb 6% 20% -1% 3% 18% -2% 3% 16% -2%
End of Jan 2% 22% 0% 2% 21% -2% 2% 19% -2%End of Feb 4% 22% -2% 3% 21% -3% 3% 19% -2%End of Jan 10% 19% 2% 1% 22% -2% 1% 19% -2%
3M 6M
Corn
Soybeans
Wheat
1M
Live
stoc
k Live Cattle
Lean Hogs
Grai
nsPr
ecio
us
Met
als Gold
Silver
Softs
Sugar
Coffee
Cotton
Soybean Oil
Soybean Meal
HRW Wheat
Indu
stria
l Met
als Copper
Aluminum
Zinc
Nickel
Ener
gy
Natural Gas
WTI Crude
Brent Crude
ULS Diesel
Gasoline
13
Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices
Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices
Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices
VOLATILITY: Historical 1-Year RealizedBloomberg Commodity Composite Indices Bloomberg Commodity Forward Indices
Commodities vs. Equities vs. Bonds vs. USD Bloomberg Commodity Group Subindices
5%
10%
15%
20%
25%
30%
35%
92 94 96 98 00 02 04 06 08 10 12 14
BloombergCommodity Index ER
BloombergCommodity Index TR
BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select
5%
10%
15%
20%
25%
30%
35%
02 03 04 05 06 07 08 09 10 11 12 13 14 15
Bloomberg CommodityIndex TR
Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward
0%
5%
10%
15%
20%
25%
11 12 13 14 15 16
BloombergCommodity Index TRS&P 500 Total ReturnIndexBloomberg USTreasury Bond IndexBloomberg USCorporate Bond IndexBloomberg USD HYCorporate Bond IndexBloomberg U.S. DollarSpot Index
5%10%15%20%25%30%35%40%45%50%
92 94 96 98 00 02 04 06 08 10 12 14
Energy
Grains
Industrial Metals
Precious Metals
Softs
Livestock
10%
20%
30%
40%
50%
60%
70%
92 94 96 98 00 02 04 06 08 10 12 14
Natural Gas
WTI Crude
Brent Crude
ULS Diesel
Unleaded Gasoline10%
15%
20%
25%
30%
35%
40%
45%
50%
92 94 96 98 00 02 04 06 08 10 12 14
Corn
Soybeans
Wheat
Soybean Oil
Soybean Meal
HRW Wheat
10%
20%
30%
40%
50%
60%
70%
92 94 96 98 00 02 04 06 08 10 12 14
Copper
Alumnium
Zinc
Nickel0%
10%
20%
30%
40%
50%
60%
92 94 96 98 00 02 04 06 08 10 12 14
Gold
Silver
10%
20%
30%
40%
50%
60%
92 94 96 98 00 02 04 06 08 10 12 14
Sugar
Coffee
Cotton
5%
10%
15%
20%
25%
30%
35%
40%
92 94 96 98 00 02 04 06 08 10 12 14
Live Cattle
Lean Hogs
14
Bloo
mbe
rg
Com
mod
ity
Roll
Sele
ct
1 M
onth
Fo
rwar
d
3 M
onth
Fo
rwar
d
6 M
onth
Fo
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d
Ener
gy
Petr
oleu
m
Agric
ultu
re
Gra
ins
Indu
stria
l M
etal
s
Prec
ious
M
etal
s
Soft
s
Live
stoc
k
Ex-E
nerg
y
Ex-A
gs &
Li
vest
ock
Bloomberg Commodity 99% 100% 100% 99% 89% 86% 56% 45% 59% 36% 37% 28% 75% 95%Roll Select 99% 100% 100% 100% 87% 85% 58% 47% 60% 37% 37% 26% 77% 94%
1 Month Forward 100% 100% 100% 99% 88% 86% 56% 46% 60% 37% 37% 27% 76% 95%3 Month Forward 100% 100% 100% 100% 87% 85% 57% 47% 60% 37% 37% 26% 76% 95%6 Month Forward 99% 100% 99% 100% 87% 85% 57% 47% 60% 38% 37% 26% 77% 94%
Energy 89% 87% 88% 87% 87% 96% 25% 17% 35% 14% 21% 18% 37% 94%Petroleum 86% 85% 86% 85% 85% 96% 26% 18% 35% 13% 23% 17% 38% 90%Agriculture 56% 58% 56% 57% 57% 25% 26% 93% 27% 9% 50% 15% 78% 29%
Grains 45% 47% 46% 47% 47% 17% 18% 93% 16% 6% 18% 10% 67% 20%Industrial Metals 59% 60% 60% 60% 60% 35% 35% 27% 16% 28% 26% 23% 71% 58%Precious Metals 36% 37% 37% 37% 38% 14% 13% 9% 6% 28% 7% 4% 53% 39%
Softs 37% 37% 37% 37% 37% 21% 23% 50% 18% 26% 7% 15% 46% 25%Livestock 28% 26% 27% 26% 26% 18% 17% 15% 10% 23% 4% 15% 32% 21%Ex-Energy 75% 77% 76% 76% 77% 37% 38% 78% 67% 71% 53% 46% 32% 59%
Ex-Agriculture & Livestock 95% 94% 95% 95% 94% 94% 90% 29% 20% 58% 39% 25% 21% 59%S&P 500 Total Return Index 35% 37% 35% 36% 38% 34% 38% 16% 10% 28% 3% 19% 17% 25% 35%
S&P Energy 62% 61% 62% 62% 62% 68% 71% 20% 11% 30% 10% 27% 18% 30% 65%S&P Financial 32% 33% 32% 33% 34% 31% 35% 17% 11% 24% -2% 19% 17% 22% 31%
S&P Health Care 17% 19% 18% 19% 20% 14% 18% 8% 5% 22% 1% 10% 11% 16% 17%S&P Consumer Discretionary 26% 28% 26% 27% 29% 23% 29% 16% 10% 23% -4% 20% 17% 20% 24%
S&P IT 29% 30% 29% 30% 31% 27% 31% 13% 9% 25% 1% 12% 15% 20% 28%S&P Utilities 17% 18% 17% 17% 18% 15% 17% 7% 1% 7% 13% 19% 4% 12% 17%
S&P Consumers Staples 27% 28% 27% 28% 29% 24% 26% 14% 9% 22% 6% 17% 15% 21% 26%S&P Industrials 34% 36% 35% 35% 37% 31% 35% 16% 11% 30% 4% 19% 18% 26% 34%
S&P Telecommunication 35% 36% 35% 36% 36% 32% 35% 18% 12% 22% 10% 19% 18% 26% 34%S&P Materials 50% 51% 50% 51% 52% 47% 50% 22% 14% 38% 14% 25% 19% 36% 50%
Bloomberg US Treasury -19% -19% -19% -19% -20% -21% -25% -11% -9% -19% 17% -6% -3% -9% -18%Bloomberg USD IG Corporate -14% -14% -14% -14% -14% -16% -19% -8% -7% -15% 16% -2% 0% -5% -14%Bloomberg USD HY Corporate 30% 31% 30% 31% 32% 29% 31% 15% 8% 24% 2% 16% 18% 22% 29%
Bloomberg U.S. Dollar Spot -36% -35% -36% -35% -35% -26% -23% -20% -15% -18% -39% -24% -9% -35% -34%EURUSD 15% 15% 15% 15% 14% 5% 3% 15% 12% 6% 30% 15% 1% 22% 12%JPYUSD -7% -8% -7% -8% -9% -12% -14% -5% -3% -10% 27% -1% -2% 2% -6%CADUSD 64% 64% 64% 64% 63% 61% 62% 20% 11% 37% 33% 24% 18% 41% 66%MXNUSD 44% 45% 44% 45% 45% 43% 42% 21% 12% 22% 18% 27% 17% 30% 44%GBPUSD 29% 29% 29% 29% 28% 21% 20% 17% 13% 16% 28% 18% 14% 29% 27%AUDUSD 48% 48% 48% 48% 48% 38% 37% 23% 15% 39% 29% 23% 19% 43% 47%CHFUSD 12% 11% 12% 11% 10% 3% 2% 10% 8% 2% 30% 9% 3% 18% 10%KRWUSD 40% 40% 40% 40% 40% 29% 29% 24% 16% 28% 33% 28% 10% 39% 37%CNYUSD 19% 19% 19% 19% 19% 14% 14% 18% 18% 14% 3% 2% 7% 19% 15%
Bloo
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3 M
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6 M
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Indu
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Prec
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Bloomberg Commodity 99% 100% 99% 99% 81% 77% 68% 59% 64% 54% 46% 24% 85% 93%Roll Select 99% 99% 99% 99% 79% 76% 67% 58% 66% 56% 46% 23% 86% 93%
1 Month Forward 100% 99% 100% 99% 80% 77% 68% 59% 65% 54% 46% 24% 85% 93%3 Month Forward 99% 99% 100% 100% 78% 77% 68% 59% 66% 56% 47% 23% 86% 92%6 Month Forward 99% 99% 99% 100% 77% 76% 67% 58% 67% 57% 46% 23% 86% 92%
Energy 81% 79% 80% 78% 77% 88% 28% 23% 34% 21% 22% 16% 38% 89%Petroleum 77% 76% 77% 77% 76% 88% 29% 22% 41% 25% 26% 16% 43% 83%Agriculture 68% 67% 68% 68% 67% 28% 29% 95% 31% 25% 55% 15% 81% 37%
Grains 59% 58% 59% 59% 58% 23% 22% 95% 23% 20% 28% 12% 73% 29%Industrial Metals 64% 66% 65% 66% 67% 34% 41% 31% 23% 43% 31% 14% 71% 66%Precious Metals 54% 56% 54% 56% 57% 21% 25% 25% 20% 43% 20% 6% 66% 56%
Softs 46% 46% 46% 47% 46% 22% 26% 55% 28% 31% 20% 13% 52% 31%Livestock 24% 23% 24% 23% 23% 16% 16% 15% 12% 14% 6% 13% 25% 17%Ex-Energy 85% 86% 85% 86% 86% 38% 43% 81% 73% 71% 66% 52% 25% 68%
Ex-Agriculture & Livestock 93% 93% 93% 92% 92% 89% 83% 37% 29% 66% 56% 31% 17% 68%S&P 500 Total Return Index 36% 37% 37% 38% 38% 32% 39% 20% 15% 39% 7% 21% 12% 29% 36%
S&P Energy 55% 55% 55% 55% 56% 56% 63% 25% 18% 41% 17% 27% 13% 37% 57%S&P Financial 30% 31% 31% 32% 32% 26% 32% 18% 12% 36% 3% 21% 9% 25% 30%
S&P Health Care 24% 25% 25% 25% 26% 20% 26% 14% 10% 29% 3% 15% 10% 20% 23%S&P Consumer Discretionary 28% 29% 29% 30% 30% 24% 32% 17% 13% 34% 1% 17% 11% 23% 27%
S&P IT 32% 32% 32% 33% 34% 26% 34% 18% 14% 36% 7% 17% 12% 27% 31%S&P Utilities 18% 18% 18% 19% 19% 17% 19% 10% 6% 16% 5% 14% 4% 14% 18%
S&P Consumers Staples 24% 25% 25% 25% 26% 20% 25% 13% 9% 27% 5% 14% 11% 20% 24%S&P Industrials 34% 35% 35% 36% 36% 29% 36% 19% 14% 39% 7% 20% 12% 29% 34%
S&P Telecommunication 23% 24% 23% 24% 25% 21% 26% 12% 8% 23% 4% 14% 9% 17% 23%S&P Materials 46% 46% 46% 47% 48% 38% 46% 24% 18% 46% 19% 25% 13% 39% 46%
Bloomberg US Treasury -22% -22% -23% -23% -23% -24% -28% -14% -11% -25% 10% -11% -7% -14% -21%Bloomberg USD IG Corporate -15% -15% -15% -15% -15% -18% -21% -9% -7% -16% 14% -6% -6% -7% -14%Bloomberg USD HY Corporate 24% 25% 25% 26% 27% 20% 24% 14% 11% 26% 8% 13% 9% 21% 23%
Bloomberg U.S. Dollar Spot -41% -42% -42% -42% -43% -28% -31% -24% -17% -33% -36% -29% -8% -40% -41%EURUSD 31% 32% 32% 32% 32% 20% 21% 20% 15% 27% 26% 22% 4% 31% 30%JPYUSD -2% -2% -2% -2% -2% -6% -7% 0% 0% -7% 17% 2% -4% 3% -2%CADUSD 51% 52% 52% 52% 53% 44% 50% 27% 20% 39% 28% 27% 13% 41% 51%MXNUSD 37% 38% 37% 38% 38% 31% 35% 21% 14% 34% 18% 25% 11% 32% 37%GBPUSD 29% 29% 29% 30% 30% 20% 23% 16% 12% 24% 26% 18% 9% 28% 29%AUDUSD 45% 45% 45% 46% 46% 31% 37% 27% 19% 40% 31% 29% 14% 43% 43%CHFUSD 14% 14% 14% 15% 15% 4% 4% 8% 6% 16% 23% 12% -2% 19% 15%KRWUSD 33% 33% 33% 34% 35% 21% 25% 22% 17% 30% 23% 21% 11% 33% 31%CNYUSD 10% 10% 10% 10% 10% 7% 7% 8% 7% 8% 3% 3% 2% 9% 9%
Bond
Curr
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Bond
CORRELATION: BCOM Composites vs. Equities vs. Bond vs. Currency Cu
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5-Year
1-Year
Com
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15
Nat
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WTI
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Bren
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Die
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Unl
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Corn
Soyb
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Whe
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Oil
Soyb
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Mea
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HRW
Whe
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Copp
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Alum
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Zinc
Nic
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Gol
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Silv
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Suga
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Coffe
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Cott
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Live
Cat
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Lean
Hog
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Natural Gas 16% 18% 18% 11% 4% 1% 5% 6% -1% 6% 7% 16% 7% 9% 5% 4% 3% 3% -3% 12% 0%WTI Crude 16% 96% 92% 84% 19% 22% 4% 41% 6% 7% 37% 27% 20% 29% 9% 22% 17% 22% 16% 21% 10%
Brent Crude 18% 96% 96% 87% 20% 22% 4% 40% 6% 8% 35% 26% 20% 28% 6% 21% 13% 21% 17% 18% 6%ULS Diesel 18% 92% 96% 84% 20% 22% 5% 38% 6% 8% 32% 25% 20% 24% 6% 19% 12% 20% 15% 18% 8%
Unleaded Gasoline 11% 84% 87% 84% 15% 16% 1% 35% 2% 5% 34% 24% 18% 26% 6% 19% 7% 14% 19% 12% 5%Corn 4% 19% 20% 20% 15% 67% 69% 37% 58% 67% 16% 7% 5% 13% 0% 7% 10% 14% 9% 7% 7%
Soybeans 1% 22% 22% 22% 16% 67% 42% 59% 87% 41% 28% 20% 18% 29% 1% 20% 11% 24% 21% 14% 9%Wheat 5% 4% 4% 5% 1% 69% 42% 20% 39% 95% 8% -6% 0% -1% 5% 6% 5% 17% 7% 1% 2%
Soybean Oil 6% 41% 40% 38% 35% 37% 59% 20% 22% 19% 32% 31% 25% 31% 15% 34% 9% 27% 27% 24% 8%Soybean Meal -1% 6% 6% 6% 2% 58% 87% 39% 22% 37% 19% 9% 12% 17% -7% 5% 6% 14% 11% 4% 6%HRW Wheat 6% 7% 8% 8% 5% 67% 41% 95% 19% 37% 7% -7% -2% 0% 3% 5% 4% 15% 5% 2% 4%
Copper 7% 37% 35% 32% 34% 16% 28% 8% 32% 19% 7% 59% 66% 62% 20% 40% 18% 17% 19% 20% 17%Alumnium 16% 27% 26% 25% 24% 7% 20% -6% 31% 9% -7% 59% 61% 53% 10% 26% 9% 15% 16% 19% 14%
Zinc 7% 20% 20% 20% 18% 5% 18% 0% 25% 12% -2% 66% 61% 55% 20% 31% 15% 14% 12% 15% 15%Nickel 9% 29% 28% 24% 26% 13% 29% -1% 31% 17% 0% 62% 53% 55% 13% 29% 15% 19% 18% 6% 5%Gold 5% 9% 6% 6% 6% 0% 1% 5% 15% -7% 3% 20% 10% 20% 13% 77% -4% 5% 7% 1% 0%Silver 4% 22% 21% 19% 19% 7% 20% 6% 34% 5% 5% 40% 26% 31% 29% 77% 9% 17% 15% 11% 2%Sugar 3% 17% 13% 12% 7% 10% 11% 5% 9% 6% 4% 18% 9% 15% 15% -4% 9% 22% 11% 5% 8%Coffee 3% 22% 21% 20% 14% 14% 24% 17% 27% 14% 15% 17% 15% 14% 19% 5% 17% 22% 20% 12% 10%Cotton -3% 16% 17% 15% 19% 9% 21% 7% 27% 11% 5% 19% 16% 12% 18% 7% 15% 11% 20% 16% 9%
Live Cattle 12% 21% 18% 18% 12% 7% 14% 1% 24% 4% 2% 20% 19% 15% 6% 1% 11% 5% 12% 16% 29%Lean Hogs 0% 10% 6% 8% 5% 7% 9% 2% 8% 6% 4% 17% 14% 15% 5% 0% 2% 8% 10% 9% 29%
S&P 500 Total Return Index 0% 36% 39% 37% 33% 10% 13% 4% 17% 4% 6% 27% 18% 19% 28% -5% 14% 8% 21% 20% 22% 4%S&P Energy 14% 71% 70% 69% 61% 11% 12% 3% 27% -2% 9% 29% 23% 18% 25% 2% 20% 18% 24% 16% 22% 5%
S&P Financial 0% 33% 36% 35% 30% 10% 16% 2% 16% 7% 6% 23% 17% 15% 27% -9% 11% 10% 18% 17% 24% 1%S&P Health Care -4% 16% 19% 19% 14% 5% 8% 1% 9% 2% 2% 20% 17% 17% 21% -3% 9% 2% 13% 14% 14% 2%
S&P Consumer Discretionary -7% 28% 29% 28% 25% 9% 12% 5% 13% 6% 6% 22% 15% 16% 25% -11% 8% 10% 20% 20% 19% 8%S&P IT -3% 30% 32% 31% 29% 8% 12% 3% 17% 4% 5% 23% 15% 20% 27% -5% 11% 1% 19% 17% 19% 4%
S&P Utilities 1% 14% 19% 19% 14% 0% 1% 4% 2% -3% 3% 10% -1% 3% 7% 11% 15% 9% 17% 22% 7% 0%S&P Consumers Staples 3% 25% 27% 26% 21% 8% 10% 4% 12% 3% 5% 23% 12% 13% 20% 0% 15% 7% 18% 21% 21% 2%
S&P Industrials 0% 34% 36% 34% 32% 9% 12% 6% 15% 4% 9% 31% 17% 21% 26% -3% 16% 10% 20% 15% 20% 7%S&P Telecommunication 2% 33% 37% 36% 29% 11% 14% 6% 16% 4% 8% 22% 14% 14% 22% 4% 18% 6% 22% 27% 24% 3%
S&P Materials 6% 49% 51% 49% 43% 13% 18% 4% 24% 7% 7% 37% 27% 27% 31% 6% 26% 16% 21% 20% 23% 6%Bloomberg US Treasury 4% -27% -25% -23% -17% -10% -12% -2% -9% -10% -2% -19% -16% -8% -17% 22% 6% 1% -17% -1% -4% 0%
Bloomberg USD IG Corporate 3% -21% -19% -18% -13% -8% -8% -2% -6% -8% -2% -16% -13% -4% -14% 19% 8% 4% -14% 2% 2% -1%Bloomberg USD HY Corporate 6% 31% 32% 32% 24% 6% 17% 0% 17% 11% 1% 21% 21% 21% 16% -6% 13% 8% 16% 14% 27% 0%
Bloomberg U.S. Dollar Spot -15% -24% -22% -23% -18% -12% -9% -17% -11% -5% -15% -21% -10% -10% -9% -39% -32% -15% -16% -26% -5% -11%EURUSD 10% 4% 1% 4% 0% 11% 3% 17% 4% 3% 14% 10% 3% 2% -4% 32% 22% 9% 7% 23% -4% 7%JPYUSD 3% -13% -16% -13% -12% -4% -12% 8% -16% -5% 7% -6% -9% -11% -14% 34% 10% 1% -4% -1% -11% 10%CADUSD 18% 62% 61% 60% 51% 10% 13% 7% 26% 2% 8% 36% 28% 25% 31% 28% 35% 13% 23% 24% 20% 9%MXNUSD 19% 42% 42% 41% 32% 10% 16% 6% 19% 8% 7% 21% 14% 17% 22% 14% 22% 19% 18% 19% 20% 6%GBPUSD 10% 22% 18% 18% 15% 11% 13% 10% 8% 10% 7% 20% 9% 7% 7% 28% 25% 11% 11% 20% 12% 11%AUDUSD 14% 37% 37% 36% 33% 13% 18% 9% 21% 10% 9% 38% 25% 32% 30% 25% 32% 11% 22% 22% 21% 10%CHFUSD 5% 4% 0% 2% -1% 6% 2% 14% 6% 0% 10% 6% 0% -1% -7% 33% 20% 5% 2% 21% -5% 11%KRWUSD 10% 30% 28% 27% 24% 15% 12% 15% 14% 7% 14% 28% 17% 21% 26% 29% 33% 23% 18% 13% 11% 5%CNYUSD 3% 16% 15% 14% 9% 17% 18% 11% 13% 20% 11% 12% 12% 14% 10% 0% 7% -7% 17% 0% 8% 3%
Nat
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Gas
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Bren
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Die
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Unl
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Corn
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Whe
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Oil
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Mea
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HRW
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Copp
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Alum
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Zinc
Nic
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Gol
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Silv
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Suga
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Coffe
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Cott
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Live
Cat
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Lean
Hog
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Natural Gas 16% 14% 15% 12% 11% 5% 9% 6% 4% 10% 2% 6% 0% 2% 0% 4% 4% 4% 0% 5% 5%WTI Crude 16% 92% 87% 82% 18% 24% 15% 37% 13% 16% 42% 35% 31% 30% 20% 31% 21% 18% 22% 17% 11%
Brent Crude 14% 92% 96% 90% 17% 23% 15% 36% 13% 17% 37% 30% 27% 28% 18% 29% 18% 16% 20% 15% 9%ULS Diesel 15% 87% 96% 86% 17% 24% 14% 36% 14% 16% 36% 29% 26% 27% 18% 28% 18% 16% 20% 14% 9%
Unleaded Gasoline 12% 82% 90% 86% 16% 20% 13% 34% 10% 15% 34% 28% 24% 26% 18% 29% 15% 13% 19% 13% 7%Corn 11% 18% 17% 17% 16% 60% 71% 43% 53% 66% 14% 14% 11% 16% 13% 18% 19% 13% 19% 12% 7%
Soybeans 5% 24% 23% 24% 20% 60% 49% 67% 92% 47% 26% 22% 21% 21% 16% 24% 20% 13% 20% 10% 6%Wheat 9% 15% 15% 14% 13% 71% 49% 36% 42% 94% 15% 13% 12% 16% 14% 17% 20% 15% 21% 9% 4%
Soybean Oil 6% 37% 36% 36% 34% 43% 67% 36% 40% 35% 32% 29% 29% 26% 22% 31% 19% 18% 25% 16% 9%Soybean Meal 4% 13% 13% 14% 10% 53% 92% 42% 40% 41% 17% 14% 14% 12% 11% 16% 16% 8% 13% 6% 4%HRW Wheat 10% 16% 17% 16% 15% 66% 47% 94% 35% 41% 15% 12% 10% 15% 12% 15% 18% 13% 19% 9% 4%
Copper 2% 42% 37% 36% 34% 14% 26% 15% 32% 17% 15% 66% 72% 60% 37% 50% 22% 18% 23% 11% 10%Alumnium 6% 35% 30% 29% 28% 14% 22% 13% 29% 14% 12% 66% 69% 56% 31% 40% 20% 16% 19% 11% 9%
Zinc 0% 31% 27% 26% 24% 11% 21% 12% 29% 14% 10% 72% 69% 58% 30% 39% 20% 15% 16% 9% 9%Nickel 2% 30% 28% 27% 26% 16% 21% 16% 26% 12% 15% 60% 56% 58% 23% 32% 23% 14% 23% 7% 6%Gold 0% 20% 18% 18% 18% 13% 16% 14% 22% 11% 12% 37% 31% 30% 23% 82% 9% 15% 12% 5% 1%Silver 4% 31% 29% 28% 29% 18% 24% 17% 31% 16% 15% 50% 40% 39% 32% 82% 16% 20% 17% 9% 4%Sugar 4% 21% 18% 18% 15% 19% 20% 20% 19% 16% 18% 22% 20% 20% 23% 9% 16% 25% 17% 11% 10%Coffee 4% 18% 16% 16% 13% 13% 13% 15% 18% 8% 13% 18% 16% 15% 14% 15% 20% 25% 11% 6% 7%Cotton 0% 22% 20% 20% 19% 19% 20% 21% 25% 13% 19% 23% 19% 16% 23% 12% 17% 17% 11% 8% 5%
Live Cattle 5% 17% 15% 14% 13% 12% 10% 9% 16% 6% 9% 11% 11% 9% 7% 5% 9% 11% 6% 8% 34%Lean Hogs 5% 11% 9% 9% 7% 7% 6% 4% 9% 4% 4% 10% 9% 9% 6% 1% 4% 10% 7% 5% 34%
S&P 500 Total Return Index 1% 39% 37% 35% 33% 11% 17% 10% 21% 11% 12% 39% 31% 30% 29% 2% 15% 17% 11% 21% 14% 5%S&P Energy 12% 63% 60% 58% 54% 15% 19% 14% 27% 11% 16% 41% 33% 31% 30% 11% 24% 23% 15% 21% 14% 6%
S&P Financial 0% 32% 31% 29% 27% 9% 14% 9% 19% 9% 10% 37% 28% 27% 27% -2% 11% 17% 11% 19% 10% 4%S&P Health Care -1% 26% 24% 22% 21% 8% 12% 6% 15% 9% 8% 28% 23% 22% 21% -1% 9% 12% 8% 16% 12% 4%
S&P Consumer Discretionary -2% 31% 30% 28% 27% 10% 14% 9% 17% 9% 11% 34% 26% 25% 26% -4% 9% 13% 8% 17% 14% 4%S&P IT -2% 33% 32% 30% 29% 11% 16% 9% 20% 10% 10% 36% 29% 28% 27% 3% 13% 13% 10% 19% 14% 5%
S&P Utilities 3% 19% 18% 16% 16% 5% 6% 6% 8% 3% 8% 18% 11% 12% 11% 4% 6% 14% 5% 15% 6% 0%S&P Consumers Staples 1% 25% 24% 23% 21% 8% 10% 6% 14% 6% 8% 27% 20% 19% 20% 2% 10% 12% 6% 17% 12% 5%
S&P Industrials 0% 36% 33% 31% 31% 10% 16% 10% 20% 11% 12% 40% 31% 30% 28% 2% 14% 17% 11% 19% 13% 6%S&P Telecommunication 2% 25% 25% 24% 22% 6% 9% 6% 11% 5% 7% 23% 19% 18% 16% 2% 8% 12% 8% 14% 11% 4%
S&P Materials 3% 45% 43% 41% 39% 15% 19% 13% 25% 12% 16% 47% 36% 36% 32% 14% 25% 20% 14% 21% 14% 5%Bloomberg US Treasury -3% -28% -26% -24% -23% -8% -14% -8% -17% -9% -9% -26% -20% -17% -16% 15% 0% -7% -6% -11% -6% -6%
Bloomberg USD IG Corporate -3% -22% -20% -18% -17% -5% -9% -6% -12% -5% -7% -18% -13% -11% -10% 18% 5% -5% -3% -7% -4% -5%Bloomberg USD HY Corporate 0% 23% 25% 24% 20% 9% 15% 4% 18% 11% 5% 24% 21% 22% 19% 4% 13% 9% 9% 13% 10% 4%
Bloomberg U.S. Dollar Spot -7% -33% -29% -29% -26% -13% -17% -16% -18% -13% -16% -35% -27% -24% -21% -35% -34% -19% -20% -22% -6% -7%EURUSD 7% 23% 19% 19% 17% 11% 12% 15% 14% 9% 15% 28% 24% 19% 15% 25% 25% 15% 14% 19% 2% 5%JPYUSD -2% -6% -7% -6% -5% 0% -2% 2% -9% 1% 1% -5% -7% -7% -8% 20% 10% 1% 4% -3% -4% -2%CADUSD 8% 51% 49% 46% 43% 15% 22% 14% 28% 15% 15% 40% 31% 29% 27% 25% 31% 17% 22% 21% 12% 9%MXNUSD 6% 36% 33% 31% 30% 11% 16% 10% 17% 12% 12% 34% 28% 25% 24% 16% 19% 18% 17% 20% 11% 7%GBPUSD 3% 25% 22% 21% 18% 8% 13% 9% 13% 10% 10% 25% 20% 17% 14% 25% 25% 11% 13% 15% 8% 7%AUDUSD 3% 37% 35% 33% 31% 14% 22% 14% 24% 17% 15% 41% 30% 33% 30% 28% 32% 21% 20% 22% 13% 10%CHFUSD 3% 4% 4% 4% 2% 4% 2% 8% 7% 0% 7% 17% 15% 10% 9% 25% 18% 11% 6% 9% -6% 3%KRWUSD 3% 25% 23% 23% 21% 13% 17% 13% 20% 14% 14% 30% 24% 23% 23% 22% 23% 16% 15% 16% 9% 8%CNYUSD 3% 8% 7% 7% 5% 7% 6% 6% 7% 5% 8% 8% 6% 5% 8% 3% 4% -1% 6% 4% 3% 0%
Curr
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CORRELATION: BCOM Singles vs. Equities vs. Bond vs. Currency
5-Year
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Bloomberg Commodity 63% -8% 28% 29% 3% 66% 63% 65% 63% 24% 2% 38% -2% -7% -21% 10% 15%Energy 64% -15% 17% 20% -6% 73% 73% 74% 73% 21% 3% 32% 6% -22% -25% -1% -4%
Petroleum 72% -2% 15% 18% -6% 77% 78% 80% 78% 5% 1% 8% 13% -11% -27% 6% 5%Agriculture 20% -8% 15% 15% 4% 20% 17% 14% 18% 15% -11% 36% -21% 8% -8% 12% 26%
Grains 12% -7% 10% 10% 5% 12% 10% 6% 10% 9% -15% 31% -18% 6% -10% 15% 19%Industrial Metals 45% 11% 10% 12% -5% 43% 43% 47% 43% -2% 4% -5% 5% 11% 0% 11% 16%Precious Metals 37% 13% 41% 39% 25% 28% 22% 29% 22% 18% 14% 13% 16% 4% -13% 16% 9%
Softs 23% -7% 28% 29% 7% 21% 18% 20% 18% 25% 5% 36% -18% 8% 1% 1% 31%Livestock 23% 1% 25% 25% 9% 23% 22% 17% 22% 21% 1% 35% 1% 4% -6% 17% 9%
Natural Gas 9% -30% 13% 15% -4% 18% 16% 13% 16% 39% 5% 59% -13% -29% -5% -14% -15%WTI Crude 64% -3% 13% 15% -3% 70% 71% 71% 71% 7% 3% 10% 8% -7% -25% 10% 5%
Brent Crude 74% -2% 23% 26% -7% 80% 80% 83% 80% 8% 4% 10% 20% -16% -33% 2% 6%ULS Diesel 72% -8% 26% 29% -1% 77% 77% 86% 77% 9% 5% 10% 16% -20% -31% -1% 4%
Unleaded Gasoline 81% 8% 15% 19% -9% 84% 85% 80% 85% -1% -5% 5% 21% -4% -24% 2% 15%Corn 14% -7% 19% 18% 9% 12% 10% 11% 10% 10% -14% 32% -10% 0% -17% 14% 19%
Soybeans 19% -3% -2% 0% -6% 20% 19% 12% 19% 6% -9% 20% -18% 12% -4% 14% 21%Wheat -2% -12% 3% 1% 7% -1% -3% -10% -2% 6% -20% 32% -29% 9% -2% 12% 11%
Soybean Oil 29% 13% -6% -5% -3% 26% 25% 13% 26% 1% -13% 17% -2% 20% -2% 1% 32%Soybean Meal 12% -9% 4% 5% -5% 15% 14% 12% 15% 5% -6% 15% -23% 9% 0% 12% 14%HRW Wheat 9% -10% 13% 13% 8% 9% 6% 2% 6% 19% -11% 43% -17% 3% -14% 11% 14%
Copper 43% 17% -1% 0% -6% 43% 43% 49% 43% -6% 4% -12% 11% 14% 1% 15% 12%Alumnium 41% -4% 17% 17% 6% 40% 40% 36% 40% -8% -7% -5% 4% -8% -7% 1% 6%
Zinc 35% 11% 0% 4% -14% 36% 36% 37% 35% 2% 11% -8% 0% 14% 5% 9% 18%Nickel 32% 8% 29% 33% -6% 29% 27% 35% 27% 15% 9% 17% -5% 16% -3% 9% 24%Gold 30% 19% 43% 40% 29% 20% 15% 21% 15% 17% 12% 15% 21% 6% -10% 16% 9%Silver 44% 4% 33% 33% 16% 38% 32% 38% 32% 17% 17% 10% 5% 1% -15% 13% 9%Sugar 1% 15% 1% 0% 3% -1% -1% -2% 0% 3% 0% 5% 0% 19% 8% 8% 29%Coffee 23% -12% 46% 46% 16% 21% 15% 14% 15% 40% 12% 52% -15% -4% 2% -6% 8%Cotton 23% -22% 5% 9% -12% 26% 24% 35% 24% 9% -2% 17% -26% -3% -12% -1% 22%
Live Cattle 26% -8% 16% 17% 5% 30% 29% 28% 29% 12% 11% 9% -4% -4% -4% 13% 3%Lean Hogs 13% 8% 26% 25% 10% 11% 9% 3% 10% 23% -5% 44% 5% 8% -7% 15% 9%
S&P 500 Total Return Index 24% -33% -25% -20% -29% 35% 34% 36% 34% 6% 7% 3% -21% -24% -9% -4% -17%Bloomberg US Treasury -33% 5% 31% 26% 35% -39% -40% -36% -40% 10% 10% 5% 22% -13% -13% 2% -10%
Bloomberg USD IG Corporate -5% -7% 21% 18% 22% -7% -10% 4% -10% 17% 10% 16% 21% -27% -19% -7% -16%Bloomberg USD HY Corporate 39% -15% -2% 1% -11% 47% 48% 59% 47% 9% 0% 15% 13% -27% -28% -10% -10%
Bloomberg U.S. Dollar Spot -58% -7% -29% -30% -6% -56% -53% -48% -52% -16% -6% -21% -19% 6% 23% 6% -13%
All i
tem
s
Core
Food
Food
at h
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Food
aw
ay fr
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hom
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Ener
gy
Ener
gy
Com
mod
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Fuel
Oil
Mot
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Ener
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es
Elec
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Util
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Com
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less
fo
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nerg
y
Serv
ices
less
en
ergy
serv
ices
Shel
ter
Med
ical
car
e
Tran
spor
tatio
n
Bloomberg Commodity 68% 6% 6% 10% -13% 69% 67% 66% 66% 31% -1% 40% 2% 9% 1% 9% 19%Energy 68% 2% 12% 16% -10% 71% 69% 69% 68% 38% -1% 48% 1% 5% -1% 3% 13%
Petroleum 72% 6% 11% 14% -7% 74% 75% 72% 74% 23% 2% 29% 5% 6% -1% 6% 16%Agriculture 29% 8% -1% 0% -7% 27% 26% 24% 26% 5% -3% 10% 1% 9% 6% 8% 15%
Grains 23% 7% 2% 2% -2% 20% 20% 19% 20% 2% -3% 6% 0% 10% 9% 8% 10%Industrial Metals 43% 7% -9% -6% -14% 45% 45% 43% 44% 11% 1% 14% 5% 6% -1% 8% 10%Precious Metals 31% 4% 2% 1% 1% 29% 28% 28% 27% 12% 7% 11% 4% 5% -6% 14% 16%
Softs 26% 4% -6% -3% -14% 27% 26% 20% 26% 11% -2% 15% 5% 1% -5% 5% 20%Livestock 16% -3% 18% 22% -8% 14% 11% 9% 11% 16% 8% 16% -12% 7% 5% 9% 2%
Natural Gas 36% -6% 9% 14% -13% 39% 33% 37% 32% 47% -5% 61% -3% -2% -2% -8% 3%WTI Crude 67% 7% 12% 14% -6% 69% 70% 68% 69% 22% 3% 27% 3% 8% 1% 8% 16%
Brent Crude 70% 7% 12% 15% -8% 72% 74% 70% 73% 18% 3% 24% 6% 7% -1% 5% 15%ULS Diesel 70% 3% 15% 17% -4% 72% 72% 77% 71% 27% 3% 33% 4% 3% -5% 3% 17%
Unleaded Gasoline 79% 5% 5% 9% -12% 82% 83% 67% 83% 21% -3% 28% 7% 2% -4% 2% 14%Corn 22% 5% 6% 7% -3% 19% 18% 19% 18% 4% -4% 10% 4% 5% 5% 0% 8%
Soybeans 22% 7% -2% -1% -8% 20% 20% 20% 20% 1% 1% 2% -1% 11% 8% 7% 15%Wheat 15% 6% 0% -1% 5% 14% 14% 9% 14% 1% -5% 5% -5% 11% 12% 14% 3%
Soybean Oil 30% 15% -3% -2% -6% 26% 25% 24% 24% 4% -3% 8% 4% 16% 11% 10% 15%Soybean Meal 17% 3% 0% 1% -6% 16% 17% 16% 16% 1% 6% -1% -2% 6% 4% 4% 13%HRW Wheat 22% 8% 0% -1% 3% 21% 21% 16% 21% 7% -2% 11% 1% 9% 9% 15% 2%
Copper 43% 10% -12% -10% -11% 43% 44% 41% 43% 8% 0% 10% 10% 5% -3% 10% 12%Alumnium 41% 5% 0% 3% -9% 42% 41% 45% 40% 19% 3% 22% 1% 5% 3% 3% 7%
Zinc 25% 6% -18% -17% -15% 27% 28% 22% 28% 1% 0% 1% 9% 2% 0% 2% 2%Nickel 32% -4% -4% 0% -18% 36% 37% 31% 37% 4% -2% 8% -10% 4% -3% 11% 8%Gold 29% 3% 6% 6% 6% 27% 26% 25% 25% 12% 10% 10% 2% 5% -6% 13% 16%Silver 29% 5% -6% -5% -7% 28% 26% 27% 26% 9% 2% 10% 6% 3% -5% 12% 12%Sugar 17% 8% -7% -6% -5% 17% 15% 11% 15% 11% 4% 13% 13% 0% -4% 5% 13%Coffee 13% 6% 1% 4% -8% 13% 13% 8% 13% 3% 1% 6% 4% 0% 1% -4% 5%Cotton 27% -8% -5% -2% -18% 30% 29% 32% 29% 8% -6% 12% 0% -8% -11% 1% 19%
Live Cattle 21% -6% 20% 24% -9% 19% 18% 12% 18% 15% 11% 13% -15% 8% 8% 9% 1%Lean Hogs 6% -2% 12% 14% -6% 4% 2% 3% 2% 11% 4% 14% -8% 3% -1% 7% 2%
CORRELATION: US CPI Indices vs. BCOM Composites vs. BCOM Singles vs. Benchmarks
20-Year
US CPI Indices
BCO
M C
ompo
sites
BCO
M S
ingl
esUS CPI Indices
5-Year
BCO
M C
ompo
sites
BCO
M S
ingl
esBe
nchm
arks
17
CORRELATION: World CPI vs. BCOM Composites vs. BCOM Singles vs. Benchmarks
US
Chin
a
Japa
n
Ger
man
y
UK
Fran
ce
Indi
a
Braz
il
Italy
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Spai
n
Russ
ia
Indo
nesi
a
Turk
ey
Net
herla
nds
Switz
erla
nd
Bloomberg Commodity 63% 72% -7% 62% 76% 55% 37% -49% 44% 63% 71% 83% 34% 66% -43% -12% -40% 48% 88%Energy 64% 45% 15% 60% 66% 42% 49% -70% 29% 34% 41% 76% 61% 45% -72% -2% -6% 53% 83%
Petroleum 72% 59% -5% 82% 82% 69% 60% -79% 59% 43% 60% 69% 59% 66% -83% -20% 0% 67% 76%Agriculture 20% 67% -32% 51% 65% 52% 32% -26% 48% 57% 68% 60% 12% 70% -20% -18% -58% 39% 67%
Grains 12% 53% -49% 54% 59% 54% 41% -28% 56% 36% 57% 39% 19% 76% -21% -29% -55% 49% 49%Industrial Metals 45% 50% 19% 26% 42% 19% 11% -29% 8% 50% 46% 63% 18% 34% -6% 7% -44% 17% 80%Precious Metals 37% 77% -37% 52% 67% 66% 9% -7% 62% 76% 88% 55% -10% 67% -8% -44% -31% 37% 35%
Softs 23% 75% 0% 35% 59% 39% 6% -15% 25% 79% 72% 77% -4% 43% -12% 3% -46% 13% 77%Livestock 23% 23% 58% 19% 31% 14% -3% -54% 0% 42% 25% 60% 46% 2% -42% 17% 8% -2% 70%
Natural Gas 9% 0% 48% -11% 6% -30% 3% -16% -43% 4% -14% 55% 30% -21% -17% 39% -11% -2% 55%WTI Crude 64% 51% 9% 73% 73% 59% 54% -81% 47% 39% 51% 67% 61% 53% -82% -8% 6% 57% 78%
Brent Crude 74% 71% -11% 85% 89% 75% 59% -74% 65% 53% 72% 75% 51% 72% -79% -24% -7% 69% 77%ULS Diesel 72% 77% -19% 88% 92% 80% 57% -70% 69% 57% 78% 78% 46% 78% -73% -24% -14% 72% 77%
Unleaded Gasoline 81% 70% -29% 91% 91% 81% 65% -66% 74% 50% 74% 68% 47% 84% -79% -41% -9% 80% 66%Corn 14% 63% -64% 57% 65% 62% 37% -15% 64% 43% 68% 39% 7% 81% -14% -39% -54% 56% 37%
Soybeans 19% 48% -20% 57% 59% 48% 50% -52% 47% 31% 48% 47% 36% 66% -43% -12% -44% 46% 69%Wheat -2% 13% -40% 17% 20% 15% 27% -7% 22% 4% 18% 9% 9% 48% 7% -13% -59% 21% 29%
Soybean Oil 29% 81% -52% 57% 70% 62% 32% -10% 60% 64% 80% 53% -11% 76% -13% -26% -55% 45% 50%Soybean Meal 12% 12% -2% 34% 28% 26% 36% -53% 28% 5% 16% 19% 45% 43% -34% -5% -33% 25% 52%HRW Wheat 9% 48% -25% 39% 52% 36% 31% -29% 34% 39% 49% 51% 21% 61% -13% -11% -60% 33% 66%
Copper 43% 66% -9% 48% 60% 41% 29% -34% 32% 52% 62% 64% 16% 59% -18% -3% -54% 38% 79%Alumnium 41% 49% 17% 12% 33% 10% -5% -9% 0% 52% 43% 56% 0% 23% 14% 8% -43% 6% 66%
Zinc 35% 10% 48% -4% 6% -14% -4% -28% -24% 17% 6% 37% 28% -1% 2% 20% -23% -4% 63%Nickel 32% 28% 49% 14% 31% 6% 7% -41% -5% 41% 29% 60% 36% 15% -18% 9% -22% 4% 79%Gold 30% 71% -37% 54% 66% 70% 7% -11% 68% 73% 86% 47% -5% 64% -14% -53% -16% 38% 24%Silver 44% 79% -35% 45% 64% 54% 11% -1% 48% 75% 82% 62% -17% 64% 1% -27% -50% 32% 49%Sugar 1% 87% -25% 63% 77% 67% 32% -28% 60% 75% 87% 69% 0% 64% -37% -25% -30% 40% 60%Coffee 23% 48% 35% 10% 35% 17% -24% -15% 1% 75% 50% 69% 9% 14% -2% 9% -23% -12% 70%Cotton 23% 58% -21% 18% 39% 13% 14% 11% 4% 46% 44% 58% -24% 35% 13% 31% -72% 11% 64%
Live Cattle 26% 5% 62% -16% -3% -11% -43% -19% -23% 39% 8% 30% 22% -21% 10% 20% 0% -36% 43%Lean Hogs 13% 30% 34% 43% 50% 31% 33% -66% 19% 29% 31% 63% 51% 22% -71% 6% 13% 29% 68%
S&P 500 Total Return Index 24% 0% 32% 11% 9% -12% 31% -47% -20% -16% -13% 26% 46% 4% -20% 43% -26% 13% 65%Bloomberg US Treasury -33% 36% 7% 7% 21% 20% -12% -2% 18% 43% 35% 28% 1% 4% -1% -20% -9% -10% 16%
Bloomberg USD IG Corporate -5% 23% 9% 26% 26% 35% 2% -38% 33% 30% 32% 22% 33% 17% -27% -28% 6% -1% 19%Bloomberg USD HY Corporate 39% 8% -11% 43% 29% 39% 29% -57% 36% -5% 17% 11% 43% 34% -38% -13% 5% 29% 15%
Bloomberg U.S. Dollar Spot -58% -78% 10% -69% -81% -63% -42% 46% -51% -66% -77% -87% -26% -66% 56% 20% 22% -55% -80%
US
Chin
a
Japa
n
Ger
man
y
UK
Fran
ce
Indi
a
Braz
il
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Russ
ia
Turk
ey
Switz
erla
nd
Bloomberg Commodity 78% 48% 1% 52% 15% 68% -34% 30% 64% 20% 35% 13% -9% 8% 66%Energy 75% 35% 7% 45% 0% 62% -42% 41% 64% 19% 37% 25% 4% 23% 67%
Petroleum 79% 44% 4% 53% 13% 70% -37% 32% 63% 15% 34% 18% 0% 12% 69%Agriculture 48% 66% 9% 50% 40% 58% 2% 20% 36% 31% 17% 7% -22% -7% 35%
Grains 43% 66% 6% 51% 35% 57% -1% 20% 29% 23% 17% 8% -15% -7% 28%Industrial Metals 48% 16% -5% 20% 6% 31% -24% -8% 32% -11% 11% -13% -12% -14% 40%Precious Metals 41% 28% -31% 28% 41% 51% 0% -8% 30% 19% 23% -25% -19% -31% 36%
Softs 34% 34% 8% 22% 34% 33% 7% 14% 36% 37% 8% 10% -22% 4% 31%Livestock 38% 36% 21% 29% -2% 27% -35% 24% 34% 0% 15% 12% -16% 9% 18%
Natural Gas 53% 22% 26% 23% -15% 33% -35% 43% 50% 26% 27% 35% 9% 31% 45%WTI Crude 78% 42% 8% 51% 11% 68% -38% 32% 62% 15% 33% 21% 4% 15% 71%
Brent Crude 81% 39% -2% 56% 19% 70% -36% 23% 64% 14% 33% 14% 0% 11% 71%ULS Diesel 80% 49% 2% 56% 18% 73% -37% 35% 66% 16% 39% 12% -7% 5% 69%
Unleaded Gasoline 77% 41% -7% 52% 15% 68% -31% 30% 63% 15% 29% 12% -7% 9% 60%Corn 40% 65% 5% 47% 48% 51% 9% 20% 28% 25% 21% 17% -6% -1% 19%
Soybeans 35% 57% 8% 44% 25% 53% -1% 19% 23% 24% 8% -2% -27% -12% 26%Wheat 38% 57% 2% 45% 16% 48% -15% 19% 26% 4% 22% 2% -7% -11% 30%
Soybean Oil 48% 51% 1% 51% 30% 62% -1% 2% 34% 36% 16% -15% -26% -15% 37%Soybean Meal 22% 46% 2% 37% 13% 41% -15% 20% 18% 1% 16% -6% -28% -16% 21%HRW Wheat 52% 60% 10% 50% 27% 54% -13% 16% 37% 16% 27% 12% -3% -5% 42%
Copper 52% 23% -6% 26% 12% 38% -19% -8% 29% -6% 14% -13% -16% -20% 43%Alumnium 60% 17% 5% 31% 6% 40% -31% -6% 47% 0% 17% -14% -9% -5% 52%
Zinc 22% -1% -1% -5% -5% -3% -13% -13% 5% -21% -9% -3% -10% -8% 9%Nickel 26% 0% -18% 0% -7% 15% -31% 1% 26% -25% 9% -11% -2% -9% 26%Gold 39% 28% -33% 28% 40% 55% -4% -2% 33% 8% 32% -31% -19% -39% 37%Silver 39% 26% -21% 24% 36% 39% 2% -14% 25% 29% 9% -12% -13% -14% 31%Sugar 43% 20% -17% 22% 20% 43% -9% 30% 42% 28% 36% 7% -20% 2% 38%Coffee 20% 27% 41% 12% 26% 6% 5% -5% 16% 26% -31% 19% -12% 10% 18%Cotton 20% 38% -1% 4% 30% 16% 20% 15% 25% 6% 9% 2% -6% -15% 11%
Live Cattle 29% 27% 24% 17% -14% 22% -44% 24% 38% -5% 5% -2% -13% -2% 13%Lean Hogs 35% 36% 11% 33% 9% 27% -20% 22% 24% 4% 23% 17% -22% 13% 18%
BCO
M C
ompo
sites
BCO
M S
ingl
es
5-Year
CPI by CountryBC
OM
Com
posit
esBC
OM
Sin
gles
Benc
hmar
ks
20-Year
CPI by Country
18
CORRELATION: World GDP vs. BCOM Composites vs. BCOM Singles vs. Benchmarks
US
Chin
a
Japa
n
Ger
man
y
UK
Fran
ce
Indi
a
Braz
il
Italy
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Spai
n
Russ
ia
Indo
nesi
a
Turk
ey
Net
herla
nds
Switz
erla
nd
Bloomberg Commodity 6% 84% -30% 26% 29% 18% 79% 63% -3% 68% 8% -3% 13% -40% 72% 5% 19% -73% 35%Energy 18% 42% -6% 4% 38% -9% 42% 64% -29% 53% 5% -6% -9% -41% 59% 7% -17% -68% 46%
Petroleum 20% 59% -22% 4% 36% -11% 63% 75% -42% 54% -6% -2% 8% -65% 77% 6% -14% -88% 40%Agriculture -14% 86% -43% 32% 19% 32% 81% 56% 11% 63% 14% -2% 13% -37% 66% 1% 36% -63% 25%
Grains -24% 74% -41% 17% 15% 29% 70% 59% -2% 53% 9% -6% 5% -50% 61% 4% 29% -63% 21%Industrial Metals 9% 73% -26% 33% 22% 26% 62% 36% 32% 51% 3% -17% 18% -5% 36% 2% 34% -42% 26%Precious Metals 5% 85% -27% 21% -1% 23% 81% 31% -10% 42% -11% 18% 40% -44% 62% 2% 29% -55% 0%
Softs 3% 87% -38% 49% 19% 32% 83% 40% 26% 63% 17% 5% 26% -11% 61% -3% 40% -50% 24%Livestock 21% 32% -12% 22% 35% -1% 30% 33% -1% 42% -1% -19% 11% 1% 29% 0% -3% -35% 40%
Natural Gas 11% -8% 29% 8% 23% 1% -16% 11% 9% 24% 28% -8% -36% 28% -1% 4% -10% 5% 33%WTI Crude 22% 52% -18% 8% 38% -13% 56% 71% -34% 51% -4% -4% 6% -54% 69% 5% -15% -82% 43%
Brent Crude 19% 67% -22% 6% 31% -8% 71% 72% -43% 57% -5% 3% 15% -68% 82% 6% -11% -90% 35%ULS Diesel 18% 75% -24% 10% 32% -4% 78% 72% -40% 61% -4% 4% 18% -69% 86% 8% -6% -91% 34%
Unleaded Gasoline 14% 67% -23% -4% 26% -8% 70% 74% -52% 55% -11% 3% 13% -79% 85% 7% -13% -92% 30%Corn -21% 78% -33% 17% 7% 32% 73% 54% -10% 46% 5% 6% 7% -55% 63% 4% 28% -61% 14%
Soybeans -17% 67% -40% 16% 28% 14% 66% 64% -2% 61% 13% -14% 8% -46% 64% 5% 20% -69% 26%Wheat -33% 51% -49% 17% 14% 36% 43% 42% 25% 41% 15% -24% -14% -22% 26% -2% 36% -34% 23%
Soybean Oil -8% 93% -43% 36% 10% 32% 90% 49% 10% 59% 12% 10% 26% -42% 71% 1% 44% -63% 14%Soybean Meal -23% 37% -37% 2% 26% 5% 35% 50% 2% 45% 7% -30% 2% -31% 36% 5% 12% -47% 21%HRW Wheat -17% 77% -46% 29% 25% 37% 69% 56% 19% 60% 15% -16% -1% -29% 51% -2% 36% -57% 32%
Copper 5% 88% -38% 35% 24% 24% 79% 48% 24% 64% 9% -13% 24% -25% 55% 2% 40% -59% 26%Alumnium 12% 67% -13% 33% 10% 30% 55% 22% 38% 35% 0% -4% 17% 6% 23% 1% 32% -27% 18%
Zinc 16% 21% 3% 8% 14% 1% 8% 10% 31% 19% -13% -32% 5% 22% -10% 14% 4% -4% 18%Nickel 9% 53% -24% 29% 32% 27% 45% 35% 26% 45% 3% -26% 8% 3% 27% -5% 25% -37% 30%Gold 6% 77% -21% 14% -4% 18% 74% 29% -22% 33% -19% 20% 41% -50% 60% 1% 24% -54% -4%Silver 3% 90% -33% 30% 5% 29% 84% 31% 9% 51% 1% 12% 34% -32% 60% 1% 35% -51% 5%Sugar 7% 89% -33% 27% 5% 12% 90% 51% -8% 56% 6% 25% 36% -48% 83% 2% 25% -71% 13%Coffee 8% 62% -22% 42% 16% 26% 55% 24% 27% 44% 3% -3% 20% 11% 32% -1% 23% -27% 25%Cotton -8% 80% -42% 58% 29% 45% 73% 32% 51% 68% 42% -5% 9% 6% 47% -4% 55% -34% 25%
Live Cattle 15% 20% -9% 31% 16% 14% 13% 0% 31% 13% -13% -22% 14% 33% -13% 3% 12% 4% 22%Lean Hogs 17% 31% -10% 6% 40% -13% 35% 52% -29% 51% 9% -9% 4% -30% 55% -4% -15% -58% 41%
S&P 500 Total Return Index 1% 6% -7% 18% 39% 6% 3% 35% 31% 22% 19% -27% -33% 11% 0% 11% -8% -19% 38%Bloomberg US Treasury 3% 8% 33% -25% -46% -15% 12% -1% -24% -18% -20% 53% 17% -10% 19% 10% -23% -4% -15%
Bloomberg USD IG Corporate -4% 9% 8% -23% -22% -16% 16% 20% -34% -18% -25% 37% 2% -39% 26% -2% -37% -32% -11%Bloomberg USD HY Corporate 15% 30% -39% 7% 29% 3% 34% 42% -21% 22% -13% -17% -20% -48% 33% -13% 8% -59% 22%
Bloomberg U.S. Dollar Spot -20% -76% 23% -8% -18% 5% -75% -58% 24% -65% -4% -13% -20% 52% -81% -8% 5% 75% -28%
US
Chin
a
Japa
n
Ger
man
y
UK
Fran
ce
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Spai
n
Switz
erla
nd
Bloomberg Commodity 41% 47% 16% 30% 36% 33% 51% 4% 1% 39% 35% 35%Energy 36% 13% 9% 10% 27% 19% 36% 4% -5% 23% 35% 20%
Petroleum 37% 26% 11% 15% 28% 19% 42% 6% -4% 27% 27% 27%Agriculture 12% 51% 5% 21% 21% 14% 36% -12% 2% 32% 1% 15%
Grains 6% 44% 3% 13% 15% 10% 29% -9% 4% 25% -3% 7%Industrial Metals 46% 65% 29% 51% 41% 51% 50% 14% 5% 46% 44% 60%Precious Metals 10% 65% 2% 22% 11% 15% 30% 5% 3% 22% -8% 22%
Softs 18% 36% 4% 29% 22% 20% 34% -11% -3% 35% 7% 22%Livestock 44% 14% 23% 27% 34% 29% 22% 7% 11% 32% 33% 35%
Natural Gas 28% -6% 6% 1% 16% 15% 16% -12% -7% 14% 39% 6%WTI Crude 38% 25% 11% 14% 27% 19% 41% 8% -2% 26% 30% 26%
Brent Crude 37% 29% 10% 17% 28% 22% 47% 10% -1% 28% 24% 32%ULS Diesel 33% 26% 9% 13% 24% 14% 39% 2% -7% 25% 21% 25%
Unleaded Gasoline 39% 26% 14% 19% 32% 26% 48% 4% -5% 34% 21% 30%Corn 1% 29% -1% 7% 2% 4% 15% -14% 3% 20% -14% -5%
Soybeans 9% 40% 4% 8% 19% 8% 35% -9% 5% 27% -4% 10%Wheat 6% 51% 7% 22% 22% 13% 29% 0% -2% 19% 12% 14%
Soybean Oil 11% 58% -1% 13% 17% 13% 32% -14% 8% 18% 10% 13%Soybean Meal -2% 25% 5% 7% 11% 3% 29% -1% -5% 24% -11% 12%HRW Wheat 12% 55% 6% 25% 25% 16% 32% -2% -5% 25% 15% 17%
Copper 41% 67% 25% 46% 36% 43% 49% 12% 1% 45% 34% 54%Alumnium 44% 50% 20% 44% 33% 47% 43% 4% 4% 35% 49% 53%
Zinc 46% 51% 37% 55% 39% 53% 40% 11% 5% 50% 42% 61%Nickel 44% 54% 32% 45% 47% 50% 52% 27% 10% 38% 45% 55%Gold 1% 64% 2% 15% 6% 1% 23% 12% -2% 13% -15% 14%Silver 23% 59% 2% 33% 20% 35% 39% -4% 9% 33% 8% 33%Sugar 9% 26% 1% 15% 11% 4% 18% -10% -16% 20% 0% 8%Coffee 23% 24% 5% 20% 12% 22% 25% -12% 11% 33% 13% 33%Cotton 17% 28% 11% 32% 25% 24% 37% 4% -7% 33% 5% 20%
Live Cattle 45% 18% 20% 28% 32% 35% 26% 8% 14% 32% 40% 38%Lean Hogs 33% 10% 21% 19% 29% 16% 12% 4% 6% 24% 17% 25%
20-Year
BCO
M C
ompo
sites
BCO
M S
ingl
es
GDP by Country
5-Year
GDP by CountryBC
OM
Com
posit
esBC
OM
Sin
gles
Benc
hmar
ks
19
COMMITMENT OF TRADERS REPORT: Commodity Futures & Options, Money ManagersCOT <GO>
Group Commodity End of Feb 2016 Net Position (Lots)
End of Jan 2016 Net Position
(Lots)
Notional Change ($mill, with end
of Feb 2016 price)
End of Feb 2016 Notional ($ mill)
Natural Gas -161,615 -149,642 -204 -2,760 WTI Crude 110,554 110,432 4 3,731
Brent Crude 320,289 208,153 4,069 11,623 ULS Diesel -22,797 -21,445 -62 -1,051 Gasoline 20,340 17,382 161 1,105
Total 3,967 12,648 Corn -134,334 -87,197 -834 -2,376
Soybeans -22,059 -30,456 359 -944 Wheat -98,680 -50,699 -1,064 -2,188
Soybean Oil 50,488 48,549 36 932 Soybean Meal -46,742 -38,322 -219 -1,215 HRW Wheat -27,163 -16,509 -236 -602
Total -1,958 -6,394 Copper -2,095 -23,916 1,157 -111
Aluminum 49,870 47,585 90 1,960 Zinc 36,745 13,924 1,006 1,619
Nickel 17,624 19,680 -105 898 Total 2,147 4,367 Gold 123,566 23,849 12,375 15,335 Silver 47,637 24,172 1,752 3,556 Total 14,127 18,891 Sugar 17,086 118,308 -1,623 274 Coffee -10,452 -23,251 549 -448 Cotton -2,778 27,317 -877 -81 Total -1,952 -255
Live Cattle 16,162 12,825 182 883Lean Hogs 44,014 29,845 397 1,235
Total 580 2,118Total 16,912 31,374
Historical Correlation
1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 10% 23% -33% -33% 36% 43% WTI Crude 8% 28% -62% -48% 59% 51%
Brent Crude 8% 25% -36% -32% 28% 35% ULS Diesel -1% 26% -41% -31% 37% 40% Gasoline 34% 31% -51% -21% 58% 39%
Corn 46% 56% -36% -49% 55% 63% Soybeans 56% 65% -78% -56% 75% 71%
Wheat 66% 50% -69% -62% 71% 66% Soybean Oil 35% 49% -66% -59% 74% 66%
Soybean Meal 51% 53% -57% -42% 68% 61% HRW Wheat 8% 21% -43% 47% 51%
Copper 35% 46% -63% -56% 62% 58% Aluminum 12% -18% 35%
Zinc 21% -43% 55% Nickel 27% -26% 52% Gold 74% 65% -68% -60% 77% 69% Silver 53% 53% -63% -46% 68% 59% Sugar 55% 52% -76% -61% 80% 67% Coffee 59% 43% -76% -64% 82% 66% Cotton 69% 58% -48% -52% 70% 63%
Live Cattle 23% 22% -17% -6% 27% 17%Lean Hogs 3% 15% -10% -14% 1% 12%
Livestock
Energy
Grains
Industrial Metals
Precious Metals
Softs
Grains
Industrial Metals
Precious Metals
Softs
Livestock
CommodityBCOM Single Index Level vs. MM's
Long PositionBCOM Single Index Level vs. MM's
Short PositionBCOM Single Index Level vs.
MM's Net Position
Energy
Group
20
Gasoline Corn
COMMITMENT OF TRADERS REPORT: Historical Money Manager's Net Position vs. BCOM Index LevelNatural Gas WTI Crude
Brent Crude ULS Diesel
Soybeans Wheat
Soybean Oil Soybean Meal
HRW Wheat
0
20
40
60
80
100
-300000
-200000
-100000
0
100000
200000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
500
1000
1500
2000
2500
0
100000
200000
300000
400000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
500
1000
1500
2000
0
100000
200000
300000
400000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
200
400
600
800
1000
-60000-40000-20000
0200004000060000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
500
1000
1500
-200000
20000400006000080000
100000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
20
40
60
80
-400000
-200000
0
200000
400000
600000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
200
400
600
800
-200000
-100000
0
100000
200000
300000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
50
100
150
-150000
-100000
-50000
0
50000
100000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
050100150200250300
-100000
-50000
0
50000
100000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
500
1000
1500
2000
-100000
-50000
0
50000
100000
150000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
100
200
300
400
500
-40000-20000
020000400006000080000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
21
COMMITMENT OF TRADERS REPORT: Historical Money Manager's Net Position vs. BCOM IndicesCopper Aluminum
Zinc Nickel
Gold Silver
Sugar Coffee
Cotton Live Cattle
Lean Hogs
020040060080010001200
-40000
-20000
0
20000
40000
60000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
50
100
150
200
0
50000
100000
150000
200000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
100
200
300
400
020000400006000080000
100000120000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
020040060080010001200
0
10000
20000
30000
40000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
100
200
300
400
500
-500000
50000100000150000200000250000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
020040060080010001200
-20000
0
20000
40000
60000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
200
400
600
800
-200000
-100000
0
100000
200000
300000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
020406080100120
-40000-20000
020000400006000080000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
020406080100120
-40000-20000
020000400006000080000
100000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
50
100
150
200
250
-50000
0
50000
100000
150000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
0
20
40
60
80
0
50000
100000
150000
200000
06 07 08 09 10 11 12 13 14 15
Money Manager's Net Position Index Level
22
GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>
Group Inventory/Sales Related Ticker UnitEnd of Feb
2016End of Jan
2016Change
(%)DOE Natural Gas Total Inventory DOENUST1 bcf 2,584 3,086 -16%DOE Crude Oil Total Inventory DOESCRUD mm barrels 508 495 3%DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 65 63 3%DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 161 160 0%DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 256 248 3%USDA Corn Total Export Sales SALECNUM thousand MT 1,066 855 25%USDA Soybeans Total Export Sales SALESYBN thousand MT 329 648 -49%USDA All Wheat Total Export Sales SALEWEAL thousand MT 486 347 40%USDA Soybean Oil Total Export Sales SALESYOL thousand MT 3 9 -65%USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 173 201 -14%Comex Copper Total Inventory COMXCOPR thousand short ton 68 66 3%LME Copper Total Inventory NLSCA thousand MT 196 241 -19%LME Primary Aluminum Total Inventory NLSAH thousand MT 2,761 2,807 -2%LME Zinc Total Inventory NLSZS thousand MT 479 477 0%LME Nickel Total Inventory NLSNI thousand MT 442 452 -2%Comex Gold Total Inventory COMXGOLD mm ounces 7 6 6%Comex Silver Total Inventory COMXSILV mm ounces 154 158 -3%
Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 129 197 -34%USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 104 18 478%USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 404 156 159%
Historical Correlation
Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory -66% -21%DOE Crude Oil Total Inventory -42% -88%DOE Cushing Oklahoma Crude Oil Total Stocks -40% -66%DOE Distillate Fuel Oil Total Inventory -88% -40%DOE Motor Gasoline Total Inventory -55% -34%USDA Corn Total Export Sales -20% -28%USDA Soybeans Total Export Sales -47% -2%USDA All Wheat Total Export Sales 5% 21%USDA Soybean Oil Total Export Sales -36% -14%USDA Soybean Cake Meal Total Export Sales 7% 19%Comex Copper Total Inventory -92% 53%LME Copper Total Inventory 74% 31%LME Primary Aluminum Total Inventory 96% 40%LME Zinc Total Inventory -30% 23%LME Nickel Total Inventory 22% -72%Comex Gold Total Inventory 70% 89%Comex Silver Total Inventory 70% -87%
Softs USDA All Upland Cotton Total Export Sales -51% -10%USDA Cattle Slaughter Estimates Daily 5% -25%USDA Hogs Slaughter Estimates Daily 18% -18%
BCOM Index
vs. BCOM WTI Crude Indexvs. BCOM WTI Crude Indexvs. BCOM ULS Diesel Index
vs. BCOM Silver Indexvs. BCOM Gold Index
vs. BCOM Cotton Indexvs. BCOM Live Cattle Indexvs. BCOM Lean Hogs Index
vs. BCOM Natural Gas Index
vs. BCOM Unleaded Gasoline Index
vs. BCOM Copper Indexvs. BCOM Copper Indexvs. BCOM Alumnium Indexvs. BCOM Zinc Indexvs. BCOM Nickel Index
vs. BCOM Corn Indexvs. BCOM Soybeans Indexvs. BCOM Wheat Indexvs. BCOM Soybean Oil Indexvs. BCOM Soybean Meal Index
Livestock
Livestock
Energy
Grains
Industrial Metals
Precious Metals
Energy
Grains
Industrial Metals
Precious Metals
23
Soybeans Wheat
Soybean Oil Soybean Meal
COMMODITY INVENTORY & SALES vs. BCOM INDICESNatural Gas WTI Crude
WTI Crude ULS Diesel
Gasoline Corn
0
50
100
150
200
250
300
350
0500
1000150020002500300035004000
93 95 97 99 01 03 05 07 09 11 13 15
DOE Natural Gas Total Inventory BCOM Natural Gas Index
0
500
1000
1500
2000
250000
300000
350000
400000
450000
500000
550000
91 93 95 97 99 01 03 05 07 09 11 13 15
DOE Crude Oil Total Inventory BCOM WTI Crude Index
0
500
1000
1500
2000
0
10000
20000
30000
40000
50000
60000
70000
04 05 06 07 08 09 10 11 12 13 14 15
DOE Cushing Oklahoma Crude Oil Total Stocks BCOM WTI Crude Index
0
200
400
600
800
1000
80000
100000
120000
140000
160000
180000
91 93 95 97 99 01 03 05 07 09 11 13 15
DOE Distillate Fuel Oil Total Inventory BCOM ULS Diesel Index
0
200
400
600
800
1000
1200
1400
150000
170000
190000
210000
230000
250000
270000
91 93 95 97 99 01 03 05 07 09 11 13 15
DOE Motor Gasoline Total Inventory BCOM Unleaded Gasoline Index
020406080100120140160
0
500
1000
1500
2000
2500
91 93 95 97 99 01 03 05 07 09 11 13 15
USDA Corn Total Export Sales BCOM Corn Index
0
100
200
300
400
500
600
700
0
500
1000
1500
2000
2500
3000
91 93 95 97 99 01 03 05 07 09 11 13 15
USDA Soybeans Total Export Sales BCOM Soybeans Index
0
50
100
150
200
250
300
-500
0
500
1000
1500
2000
91 93 95 97 99 01 03 05 07 09 11 13 15
USDA All Wheat Total Export Sales BCOM Wheat Index
0
50
100
150
200
250
300
-50
0
50
100
150
200
250
07 08 09 10 11 12 13 14 15
USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index
0
500
1000
1500
2000
0
100
200
300
400
500
07 09 11 13 15
USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index
24
Silver Cotton
Live Cattle Lean Hogs
COMMODITY INVENTORY & SALES vs. BCOM INDICESCopper Copper
Aluminum Zinc
Nickel Gold
0
200
400
600
800
1000
1200
0
100000
200000
300000
400000
500000
92 94 96 98 00 02 04 06 08 10 12 14
Comex Copper Total Inventory BCOM Copper Index
0
200
400
600
800
1000
1200
0
200000
400000
600000
800000
1000000
91 93 95 97 99 01 03 05 07 09 11 13 15
LME Copper Total Inventory BCOM Copper Index
0
50
100
150
200
0
1000000
2000000
3000000
4000000
5000000
6000000
91 93 95 97 99 01 03 05 07 09 11 13 15
LME Primary Aluminum Total Inventory BCOM Alumnium Index
050100150200250300350400
0
200000
400000
600000
800000
1000000
1200000
1400000
91 93 95 97 99 01 03 05 07 09 11 13 15
LME Zinc Total Inventory BCOM Zinc Index
0
200
400
600
800
1000
1200
0
100000
200000
300000
400000
500000
91 93 95 97 99 01 03 05 07 09 11 13 15
LME Nickel Total Inventory BCOM Nickel Index
0
100
200
300
400
500
0
2000000
4000000
6000000
8000000
10000000
12000000
14000000
92 94 96 98 00 02 04 06 08 10 12 14
Comex Gold Total Inventory BCOM Gold Index
0
200
400
600
800
1000
0
50000
100000
150000
200000
250000
300000
92 94 96 98 00 02 04 06 08 10 12 14
Comex Silver Total Inventory BCOM Silver Index
0
20
40
60
80
100
120
-200
0
200
400
600
800
1000
07 08 09 10 11 12 13 14 15
USDA All Upland Cotton Total Export Sales BCOM Cotton Index
0
50
100
150
200
250
0
20000
40000
60000
80000
100000
120000
140000
99 01 03 05 07 09 11 13 15
USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index
0
20
40
60
80
100
0
100000
200000
300000
400000
500000
99 01 03 05 07 09 11 13 15
USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index
25
COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP XETFM <GO>
Report Period: 1/29/2016 - 2/29/2016
Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
-118.64 5,336.85 -2.2%565.64 8,751.45 6.5%-31.21 1,228.89 -2.5%-5.11 24.54 -20.8%
-12.06 172.95 -7.0%5,169.36 37,412.14 13.8%5,567.98 52,926.81 10.5%
All Commodities Sector: Top 10 Creations
Ticker Name Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
GLD US SPDR Gold Shares 4,185.51 23,960.80 17.5%IAU US iShares Gold Trust 887.05 5,959.80 14.9%USO US United States Oil Fund LP 374.13 3,676.30 10.2%
UWTI US VelocityShares 3x Long Crude ETN 315.37 855.57 36.9%UGAZ US VelocityShares 3x Long Natural Gas ETN 143.57 251.13 57.2%UCO US ProShares Ultra Bloomberg Crude Oil 116.38 792.21 14.7%UNG US United States Natural Gas Fund LP 67.89 488.29 13.9%
COMT US iShares Commodities Select Strategy ETF 62.06 186.45 33.3%DBO US PowerShares DB Oil Fund 47.96 420.25 11.4%SGOL US ETFS Physical Swiss Gold Shares 41.59 809.89 5.1%
All Commodities Sector: Top 10 Redemptions
Ticker Name Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
DWTI US VelocityShares 3x Inverse Crude ETN -444.54 728.52 -61.0%DJP US iPath Bloomberg Commodity Index Total Return ETN -202.82 895.66 -22.6%
DGAZ US VelocityShares 3x Inverse Natural Gas ETN -105.73 79.82 -132.5%USLV US ocityShares 3x Long Silver ETN linked to the S&P GSCI Silver In -24.79 117.09 -21.2%JJA US iPath Bloomberg Agriculture Subindex Total Return ETN -14.22 33.65 -42.2%GSP US iPath GSCI Total Return Index ETN -12.40 51.61 -24.0%DBA US PowerShares DB Agriculture Fund -12.02 632.95 -1.9%USCI US United States Commodity Index Fund -11.86 495.50 -2.4%GLTR US ETFS Physical Precious Metal Basket Shares -10.84 158.73 -6.8%KOLD US ProShares UltraShort Bloomberg Natural Gas -9.36 18.99 -49.3%
Sector
LivestockIndustrial MetalsPrecious Metals
Total
Broad BasedEnergy
Agriculture
26
COMMODITY FUTURES TERM STRUCTUREENERGY GROUP
GRAINS GROUP
1.5
2.5
3.5
4.5
5.5
MAR
16
DEC
16SE
P 17
JUN
18
MAR
19
DEC
19SE
P 20
JUN
21
MAR
22
DEC
22SE
P 23
JUN
24
MAR
25
DEC
25SE
P 26
JUN
27
MAR
28
Natural Gas
29-Jan-2016
29-Feb-20160
102030405060
MAR
16
JUL
16N
OV
16M
AR 1
7JU
L 17
NO
V 17
MAR
18
JUL
18N
OV
18M
AR 1
9JU
L 19
NO
V 19
MAR
20
JUL
20N
OV
20M
AR 2
1JU
L 21
WTI Crude
29-Jan-2016
29-Feb-2016
30354045505560
MAR
16
AUG
16JA
N 1
7JU
N 1
7N
OV
17AP
R 18
SEP
18FE
B 19
JUL
19DE
C 19
MAY
20
OCT
20
MAR
21
AUG
21JA
N 2
2JU
N 2
2N
OV
22
Brent Crude
29-Jan-2016
29-Feb-20160
50
100
150
200
FEB
16
MAY
16
AUG
16
NO
V 16
FEB
17
MAY
17
AUG
17
NO
V 17
FEB
18
MAY
18
AUG
18
NO
V 18
FEB
19
MAY
19
ULS Diesel
29-Jan-2016
29-Feb-2016
100
120
140
160
180
200
FEB
16AP
R 16
JUN
16
AUG
16O
CT 1
6DE
C 16
FEB
17AP
R 17
JUN
17
AUG
17O
CT 1
7DE
C 17
FEB
18AP
R 18
JUN
18
AUG
18O
CT 1
8DE
C 18
Unleaded Gasoline
29-Jan-2016
29-Feb-2016
240
250
260
270
280
290
MAR
16
JUL
16
SEP
16
DEC
16
MAR
17
JUL
17
SEP
17
DEC
17
MAR
18
JUL
18
SEP
18
Soybean Meal
29-Jan-2016
29-Feb-2016400
450
500
550
600
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
DEC
17
MAR
18
HRW Wheat
29-Jan-2016
29-Feb-2016
350
370
390
410
430
450
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
DEC
17
MAR
18
MAY
18
JUL
18
Corn
29-Jan-2016
29-Feb-2016800
850
900
950
1000
MAR
16
MAY
16
JUL
16AU
G 16
SEP
16N
OV
16JA
N 1
7M
AR 1
7M
AY 1
7JU
L 17
AUG
17SE
P 17
NO
V 17
JAN
18
MAR
18
MAY
18
JUL
18
Soybeans
29-Jan-2016
29-Feb-2016
400
450
500
550
600
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
DEC
17
MAR
18
Wheat
29-Jan-2016
29-Feb-201629.5
3030.5
3131.5
3232.5
MAR
16
JUL
16
SEP
16
DEC
16
MAR
17
JUL
17
SEP
17
DEC
17
MAR
18
JUL
18
SEP
18
Soybean Oil
29-Jan-2016
29-Feb-2016
27
COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP
PRECIOUS METALS GROUP
SOFTS GROUP
LIVESTOCK GROUP
200
205
210
215
220
FEB
16
MAY
16
AUG
16
NO
V 16
FEB
17
MAY
17
AUG
17
NO
V 17
MAR
18
SEP
18
MAY
19
DEC
19
JUL
20
Copper
29-Jan-2016
29-Feb-20161300
1500
1700
1900
2100
2300
FEB
16SE
P 16
APR
17N
OV
17JU
N 1
8JA
N 1
9AU
G 19
MAR
20
OCT
20
JUN
21
JAN
22
AUG
22M
AR 2
3O
CT 2
3M
AY 2
4DE
C 24
JUL
25FE
B 26
Aluminum
29-Jan-2016
29-Feb-2016
10001050110011501200125013001350
FEB
16
APR
16
AUG
16
DEC
16
APR
17
AUG
17
DEC
17
DEC
18
DEC
19
DEC
20
DEC
21
Gold
29-Jan-2016
29-Feb-201613
13.514
14.515
15.516
FEB
16
APR
16
JUL
16
DEC
16
MAR
17
JUL
17
DEC
17
DEC
18
DEC
19
DEC
20
Silver
29-Jan-2016
29-Feb-2016
10111213141516
MAR
16
MAY
16
JUL
16
OCT
16
MAR
17
MAY
17
JUL
17
OCT
17
MAR
18
MAY
18
JUL
18
Sugar
29-Jan-2016
29-Feb-2016110115120125130135140
MAR
16
MAY
16
JUL
16SE
P 16
DEC
16M
AR 1
7M
AY 1
7JU
L 17
SEP
17DE
C 17
MAR
18
MAY
18
JUL
18SE
P 18
DEC
18
Coffee
29-Jan-2016
29-Feb-2016
5055606570758085
FEB
16
APR
16
MAY
16
JUN
16
JUL
16
AUG
16
OCT
16
DEC
16
FEB
17
APR
17
MAY
17
Lean Hogs
29-Jan-2016
29-Feb-2016 105110115120125130135140145
FEB
16
APR
16
JUN
16
AUG
16
OCT
16
DEC
16
FEB
17
APR
17
#N/A
Inva
lidSe
curit
y
Live Cattle
29-Jan-2016
29-Feb-2016
1500155016001650170017501800
FEB
16JU
N 1
6O
CT 1
6FE
B 17
JUN
17
OCT
17
FEB
18JU
N 1
8O
CT 1
8FE
B 19
JUN
19
OCT
19
FEB
20JU
N 2
0O
CT 2
0FE
B 21
Zinc
29-Jan-2016
29-Feb-2016
8200
8400
8600
8800
9000
9200
FEB
16JU
N 1
6O
CT 1
6FE
B 17
JUN
17
OCT
17
FEB
18JU
N 1
8O
CT 1
8FE
B 19
JUN
19
OCT
19
FEB
20JU
N 2
0O
CT 2
0FE
B 21
Nickel
29-Jan-2016
29-Feb-2016
52545658606264
MAR
16
MAY
16
JUL
16
OCT
16
DEC
16
MAR
17
MAY
17
JUL
17
OCT
17
DEC
17
MAR
18
MAY
18
JUL
18
OCT
18
Cotton
29-Jan-2016
29-Feb-2016
28
BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>
Crude Oil Production: BI OILS <GO> Natural Gas Production: BI NGAS <GO>
Precious Metal Mining: BI PMET <GO> Agricultural Chemicals: BI AGCH <GO>
Copper: BI COPP <GO> Aluminum: BI ALUM <GO>
BI provides analysis on several key drivers of BCOM performance; industrial and precious metals mining, oil and natural gas production, and agricultural chemicals. The dashboards include key macro data libraries and interactive charting and commentary from analysts with an average of seventeen years of experience.
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COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE
Broad Commodities EnergyTop commodity news CTOP Top energy news ETOPGlobal commodity prices GLCO Top oil news OTOP Commodity playbook CPLY Crude Oil Production Dashboard BI OILSCommitments of traders report COT First Word oil NI BFWOIL Calendar of commodity events ECO17 News on oil inventories TNI OIL INV Commodity arbitrage calculator CARC Oil Buyer's Guide newsletter NI OBGBRIEFCommodity fundamental data explorer FDM Pipes & Wires newsletter NI PAWSBRIEFCommodity futures overview CMBQ Oil market analysis BOILSecurity finder SECF Nat gas spot prices BGASCommodity data contributors & broker CDAT Forward European utility markets EUMContract table menu CTM News on oil markets NI OILMARKET Seasonality chart SEAG News on OPEC NI OPEC Commodity curve analysis CCRV OPEC production and prices OPECCommodity fair values CFVL Oil markets menu OIL Commodity price forecasts CPFC Crude stored in tankers NOONCommitments of Traders Report COT Refinery outages REFOCommodity maps BMAP Oil’s decline EXT5 Commodity options monitor OMON Oil versus inflation expectations SWIFCommodities charts COSYCommodity Investors menu CMNV MetalsUS exchange traded product fund flows ETF Top metal news METT
Precious metal dashboard BI PMETGBase metals dashboard BI BMET
Commodity Indices Metals prices and data MINE Index description BCOM Index DES Precious metals prices and rates MTL Index constituent weights BCOM Index MEMB Metals Bulletin MB Listed index futures BCOM Index CT COMEX inventories COMX Option volatility surface BCOM Index OVDV LME monitor LME Seasonality chart BCOMNG Index SEAG LME implied volatilities LMIV Commodity index futures movers FMV LME warehouse inventories LMEI Commodity index ranked returns CRR
AgricultureWeather Top agriculture news YTOP Global weather database WETR Agriculture calendar AGRI US snow monitor SNOW Agriculture spot prices AGGPEU weather & utility models EUMM Agriculture supply & demand AGSD
Crop calendar CCAL
BCOM QUICK FACTS
Weighting Bias 2/3 market liquidity and 1/3 world production No. of Commodities 20 Re-balancing Frequency Annual Roll Schedule Monthly (5 day roll) Caps/Limits Single commodity: max 15%
Single commodity and its derivatives: max 25%Related commodity groups: max 33%
First Value Date 30 December 1990
The data provided in this report can be easily accessed on the Bloomberg Professional® service along with numerous news and analytical tools to help you stay on top of the commodity markets.
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BLOOMBERG and BLOOMBERG INDICES are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates ("collectively, "Bloomberg") or Bloomberg's licensors own all proprietary right in the BLOOMBERG INDICES. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an index. Back-tested performance is not actual performance. Past performance is not an indication of future results. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with BLOOMBERG INDICES or any data or values relating thereto - whether arising from their negligence or otherwise. This document constitutes the provision of factual information, rather than financial product advice. Nothing in the BLOOMBERG INDICES shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the BLOOMBERG INDICES should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES is impersonal and not tailored to the needs of any person, entity or group of persons. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making any financial decisions. © 2016 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg.
BCOM Indices are compared to the S&P 500 Index. The S&P 500 Index is an equity index of 500 leading companies and captures approximately 80% coverage of available market capitalization. The volatility of the S&P 500 Index may be materially different from that of the BCOM Indices. In addition, the membership in BCOM Indices may differ significantly from the securities or other attributes that comprise the S&P 500 Index. The S&P 500 Index has not been selected to represent an appropriate benchmark to compare the performance of BCOM Indices, but rather are disclosed to allow for comparison of BCOM Indices to a well-known and widely recognized index. Standard & Poor’s, S&P, and S&P 500 Index are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a part of McGraw Hill Financial.
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