Bloomberg Commodity Outlook Commodities Set to Take the Gold · 2020. 12. 1. · Bloomberg...

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December 2020 Edition Bloomberg Commodity Outlook 2021 Bloomberg Commodity Outlook Commodities Set to Take the Gold Commodities Poised for a Strong 2021, Except for a Power Outage From Corn to Copper, Commodity-Recovery Base May Be Set in Gold From Copper to Zinc, Metals Set to Gleam Along With Gold in 2021 A Bear Market Is Back to Normal for Crude Oil and Natural Gas Agriculture's Bear Market May Finally Be Cured of Low Prices December 2020 Edition Bloomberg Commodity Index (BCOM)

Transcript of Bloomberg Commodity Outlook Commodities Set to Take the Gold · 2020. 12. 1. · Bloomberg...

  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Bloomberg Commodity Outlook

    Commodities Set to Take the Gold

    Commodities Poised for a Strong 2021, Except for a Power Outage

    From Corn to Copper, Commodity-Recovery Base May Be Set in Gold

    From Copper to Zinc, Metals Set to Gleam Along With Gold in 2021

    A Bear Market Is Back to Normal for Crude Oil and Natural Gas

    Agriculture's Bear Market May Finally Be Cured of Low Prices

    December 2020 Edition Bloomberg Commodity Index (BCOM)

  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Contents

    03 Broad Market Outlook

    05 Energy

    07 Metals

    11 Agriculture

    Data

    14 Performance

  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Data and outlook as of November 30, 2020

    Mike McGlone – BI Senior Commodity Strategist

    BI COMD (the commodity dashboard)

    Note ‐ Click on graphics to get to the Bloomberg terminal

    Commodities Poised for a Strong 2021, Except for a Power Outage Performance: November +3.5%, 2020 -7.7%, Spot +6.3% (Returns are total return (TR) unless noted)

    (Bloomberg Intelligence) -- The broad commodity market in 2021 is well situated to follow the upward path paved by gold in 2020, in our view. A weak dollar is a typical prerequisite for a commodity bull market, but when many of the world's currencies are attached to negative rates and quantitative easing, physical assets like gold and most commodities should gain an advantage. Metals may be the best positioned for further appreciation, notably vs. oversupplied energy. Rapidly advancing technology is a primary driver for copper, while the metal and crude oil both face the highest risk from potential stock-market mean reversion. Low prices appear to have cured the agriculture bear market. Gold Leadership for Broad Commodities From Corn to Copper, Commodity-Recovery Base May Be Set in Gold. After about a 6% gain in the Bloomberg Spot Index in 2020 to Nov. 30, conditions are favorable for more of the same in 2021. Some back-and-fill should be expected from the halfway mark of the bear market at the end of November, but improving fundamentals and a weakening dollar -- as evidenced by gold -- indicate a positive commodity backdrop. Gold a Good Proxy for the Dollar, Commodities

    Commodities Set to Cross Recovery Rubicon. It's reasonable in 2021 to expect the recovering Bloomberg Commodity Spot Index to breach resistance at about the halfway mark of the 2011-16 bear market, in our view. Just over 1% above the level on Nov. 30 would do it, on the back of about a 6% gain so far in 2020. On an annual basis, commodity prices nearly formed a double bottom in 2016 and 2020, reinforcing a mantra in commodities: low prices often provide the recovery cure. Our graphic depicts gold rising, a leading indicator for a weakening dollar that's a typical requirement for rising commodity prices. The highly negative dollar-correlated metals sector is poised to be a bull-market leader as accelerating decarbonization efforts increase demand. U.S. exports should keep grains and agriculture at the top of the leader board. Faltering equities are a primary risk. Copper, Gold Gaining Upper Hand vs. Crude Oil. Copper and gold at the top of our macroeconomic 2020 performance dashboard indicate trends that we expect to continue in 2021. Down about 30%, crude oil risks more of the same, particularly as West Texas Intermediate advances toward good resistance at about $50 a barrel at the end of November. Reversion risks in copper and crude are elevated, notably if the record-setting stock-market tide subsides, but divergent strength in the red metal in 2H should be more enduring. Unless the S&P 500 can add to its roughly 12% 2020 gain in 2021, we see little hope for higher crude oil.| MACRO PERFORMANCE Gold, Copper Set to Outperform Crude Oil in 2021

    The worlds' increasing dependence on debt, quantitative easing and fiscal stimulus has led to the highest 24-month correlation in our database (since 1960) between the Bloomberg Commodity Index and the S&P 500, at about 0.80.

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    SECTOR PERFORMANCE Gold, Copper, Metals Setting the Pace for 2021 Industrial metals edging out their precious peers at the top of our 2020 performance scorecard is an encouraging sign for longer-term commodity-favorable trends in 2021, while copper appears a bit too hot vs. cold gold, in our view. On Nov. 30, CME-traded copper stretched about 25% above its 50-week moving average, the most extreme since 2011 when the price peaked at about $4.60 a pound. Contrarily, gold's kiss of the same mean puts the metal in a favorable technical position near the start of 2021, if the past two-year rally is a template. Rising Metals, Energy Headwinds Likely in 2021

    Grains should add to gains in 2021. What was good resistance at about $4 a bushel in corn appears to be shifting toward $5. We see little upside in WTI crude oil above $50 a barrel, yet more of the same since the peak in 2008 may revisit $30 support.

    Curve Analysis – Contango (-) | Backwardation (+)

    Measured via the one-year futures spread as a percent of the first contract price. Negative means the one-year out future is higher (contango). Positive means the one-year out future is lower (backwardation).

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Energy (Index weight: 19% of BCOM) Performance: November +3.5%, 2020 -42.3% , Spot -11.2%

    Energy Back to Normal Is a Bear-Market

    A Bear Market Is Back to Normal for Crude Oil and Natural Gas. Time decay, advancing technology, demographics and decarbonization are aligned against West Texas Intermediate crude oil sustaining above $50 a barrel, in our view. Rising prices increase incentive to resume production, notably from cash-strapped OPEC and U.S. shale companies, while demand elasticity should be waning.

    WTI Likely Stays in $30-$50 Cage in 2021. About $50 a barrel in WTI crude oil is sturdy resistance that should keep a lid on prices in 2021, in our view. A reversal of the bear-market forces since 2014 that have resulted in a mean, median and mode around $50 is unlikely. More of the same inelastic demand and oversupplied conditions seems the more probable course. Our graphic depicts the annual average crude price of $38.60 in 2020 to Nov. 30 dropping to the lowest since 2003. It has room for recovery, but as it nears $50, cash-strapped OPEC is more likely to bring back production, along with U.S. shale companies.

    More of the Same vs. Bounce Potential in 2021

    Rapid and wide dissemination of vaccines should help the demand side, but the pre-pandemic trend of downward-consumption estimates may curtail some of the optimism toward the end of 2020. A top risk for crude oil remains some stock-market mean reversion.

    Crude Oil Most at Risk vs. Equities Since 2014. Crude oil is not only vulnerable to seemingly entrenched bear-market demand vs. supply forces, but also to reversion risks in extended equity prices, if history is a guide. Crude's last two high-velocity declines, in 2018 and 2020, coincided with similar moves in the stock market. Our graphic depicts a primary risk to Brent crude: The MSCI World Index is the most elevated vs. its 60-month mean in six years, and the 24-month correlation between oil and the index at about 0.82 is

    the highest in our database since 1988. World equities were last this high just before 2014's Brent crude collapse from a bit over $100 a barrel to the low around $27 in 2016.

    Crude Oil Bear Market Faces Elevated Equities

    Since the Brent peak near $146 in 2008, buyers of crude have fared poorly when this global measure of stock prices reached similar heights.

    Natural Gas Risks Point Toward $2, Not $3-Plus. Natural gas may have already made its 2020-21 heating-season peak, in our view. Propane demand from outdoor heaters has supported prices, but decreasing probabilities for a colder-than-normal North American winter increase the likelihood for more of the same reversion potential from the October price spike to about $3.50 per million British thermal units in the January future. Prices are particularly vulnerable to economic impacts from the pandemic and elevated inventories. Our graphic shows U.S. Energy Department gas inventory estimates for the season rolling over from the highest in four years.

    Natural Gas May have Peaked for the Season

    Known for volatility, particularly in the early-winter heating season, we see risks for natural gas tilted toward more of the same of the past decade or so -- price spikes typically cleanse short positions and reverse quickly.

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    PERFORMANCE DRIVERS

    Stock Market Normalization a Key Crude Oil Risk. The Bloomberg Energy Spot Index's 2020 decline of just over 10% to Nov. 30 is likely to drop further over the rest of the year and in 2021, in our view. A key prerequisite for stabilizing energy prices -- sustaining the record-setting stock-market rally -- is a primary crude-oil risk. Vulnerability to equity-market volatility is unlikely to change for energy prices. Our take is OPEC is fighting a losing battle to curtail supply amid lackluster demand, and every day that passes, advancing technology is reducing production costs and squeezing incremental demand. Notably, this was the general condition in the crude-oil market before the pandemic.

    Energy Is Vulnerable to Equity Volatility in 2021

    WTI should find good resistance on approaches near $50 a barrel if the stock market keeps advancing. Responsive support should be toward $30.

    Front Energy Futures

    Market Flows – Commitment of Traders

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Metals All (Index weight: 40% of BCOM) Performance: November +2.0%, 2020 +15.7%

    Industrial (Index weight: 19.0% of BCOM. Performance: November +16.0%, 2020 +10.5%, Spot +18.8%

    Precious (Index weight: 16.1% of BCOM. Performance: November -5.5%, 2020 +15.4%, Spot +18.9%

    The Rising Metals Tide

    Metals Well Positioned to Lead Commodities Recovery Beyond 2020. The time seems right for metals' prices to advance in 2021, in our view. The 2020 flush appears akin to one in 2008 that provided a foundation for the metals sector. Record 2020 highs in gold are set to lead to similar levels in coming years, notably for the majors: copper and silver. Macroeconomic underpinnings may be firmer and more enduring than 12 years ago amid unprecedented quantitative easing and zero or negative interest rates boosting infrastructure spending and -- eventually -- inflation.

    From Copper to Zinc, Metals Set to Gleam Along With Gold in 2021. Uniquely positioned as a primary demand source of decarbonization, we see the metals as well poised for continued advancement in 2021 and beyond. Record gold prices in 2020 have helped set the stage for the metals-sector recovery, with multiple years of subdued prices providing a solid foundation.

    Metals Sector on Firming Footings for 2021. The metals sector in 2021 is set to look a lot like 2003, when prices embarked on a bull run that didn't peak until 2011, in our view. A period of subdued prices is shifting toward appreciation on some leadership from gold. The benchmark precious metal is a top proxy for the dollar, and the sector is typically the most negatively correlated to the greenback. Our graphic depicts the Bloomberg All Metals Total Return Index breaching resistance in place since 2013 and with solid underpinnings from interest rates set to stay quite low until inflation resurfaces, according to the Federal Reserve.

    All Metals Set to Follow Rabbit Gold

    A primary demand-side beneficiary of rapidly advancing technology that's replacing fossil fuels, we see the metals sector in 2021 approaching the highs from 2011. A sustained stock-market decline is a key risk.

    Silver, Metals 2020 Low Appears Enduring as 2008. Silver at the top of our metals performance scorecard in 2020 is a trend that should continue in 2021, with some rising-price companionship from copper and other base metals. Uniquely precious and industrial, the white metal is well poised to advance on the back of an extended period of subdued prices and renewed demand from increasing electrification. The 2020 silver low at about $12 an ounce is likely to mark an enduring bottom, similar to around $9 in 2008. Breaching the 2020 high of about $30 should be a matter of time.

    Silver, Base Metals Taking Bull Baton From Gold

    A sharp drop in the stock market is a primary risk for the more industrial metals, but we see an enduring bull market developing throughout the sector. Silver at about $22.60 on Nov. 27 remains over 50% below its all-time high around $50.

    Solid Precious Metal Underpinnings

    Gold Has Solid Underpinnings to Advance Above $2,000 in 2021. The foundation for rising gold prices in 2021 is solid, in our view. The metal may be less supported by rising stock-market volatility as in 2018-20, but seemingly unstoppable trends in negatively yielding debt, quantitative easing (QE) and rising debt-to-GDP provide firm foundations for the store of value.

    Negative-Yielding Debt, QE and Rising Gold. Absent sustained reversals in global QE and rising levels of negative-yielding debt, we see limited downside risk in gold. The unlikeness of reversing these pre-pandemic trends should limit price pullbacks in the metal. Our graphic depicts gold dipping into layers of support just below $1,800 an ounce within an uptrend, as indicated by its five-year moving average amid record highs in the Bloomberg Barclays Global Aggregate Negative Yielding Debt Index and G4 central-bank balance sheets as a percentage of GDP.

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Gold Is Well Poised for a Lustrous 2021

    Gold is quite straightforward: Probabilities tilt toward more of the same for its price, at about $1,790 an ounce on Nov. 27, to advance in 2021 above the 2020 peak around $2,075. A key question and gold risk is what it might take to reverse rising debt and QE? VIX Deja-Vu All Over Again Supports Gold. One of the leading gold-rally companions -- stock-market volatility mean-reverting higher -- is tilting favor toward the metal, at least in the short term, if history is a guide. Our graphic depicts the CBOE S&P 500 Volatility Index (VIX) at the deepest discount to its 50-week moving average in over four years. It was the record-low VIX 50-week mean at the start of 2018 that signaled reversion risks upward, thus supporting more QE and rising gold.

    Steep VIX Discount Is Gold Tailwind

    At a discount near 30% below its annual mean, last matched in 2016, risks of a rise in stock-market volatility are elevated along with more of the same supportive repercussions for gold toward the end of November.

    Gold Looks Less Expensive, Though Its Drivers Aren't as Bullish Contributing Analysts Grant Sporre (Metals & Mining)

    Risk vs. reward is more balanced for gold into 2021, in our view. At 30% above its $1,420-an-ounce average, gold looks less expensive than three months ago, based on historical prices and other cross-asset indicators. The same analysis also points to gold being 30% below peak, as indicated by a value framework, suggesting room for upside should the bull market continue.Recovering growth expectations on a Covid-19 vaccine may put upward pressure on nominal bond yields, and though we expect a lift in inflation expectations toward 2% to keep real rates in negative territory, we believe this driver has turned neutral. A weak dollar outlook and continued central-bank liquidity remain bullish factors, but lower risk perceptions may continue to underpin global equities.

    Nascent Base Metals Bull

    2020 Likely to Mark Enduring Low for Copper and Base Metals. Industrial-metal prices look the way they did after the financial crisis, a path that stopped short of all-time highs in 2011. Fiscal stimulus on a global scale, electrification and decarbonization are likely narratives for advancing base-metal prices in 2021.

    Back to Bull Markets: Copper and Base Metals. Copper and industrial-metals prices are on paths toward new highs, similar to post-2008, in our view. The 2020 low in the red metal at about $2 a pound has plenty of potential to be as enduring as the roughly $1.25 bottom from the financial crisis. Subdued base-metal prices have pressured production incentives, and demand is picking up on the back of the rapid electrification of the global economy and recovering China growth. Our graphic depicts the Bloomberg Industrial Metals Index appearing to make the turn upward in 2020 along with a swift recovery in China's Manufacturing PMI.

    Base Metals are Well Poised for Ascent in 2021

    It's our position that the time is right for vast infrastructure spending on a global scale, with borrowing rates near zero or negative in much of the world. Some back-and-fill is likely, but the view for metals points upward.

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Technical - Gold Stair-Step Rally

    Gold Trends Still Tilted Favorably for a $2,000 Handle in 2021. Gold is poised to extend its uptrend in 2021, in our view. Solid fundamental pre-pandemic underpinnings from rising debt-to-GDP levels and quantitative easing on a global scale may benefit from technical signals. Dipping into support layers toward the end of November should provide a foundation for further price gains.

    Relative Value to Burnish Gold in 2021. Backing up into its upward sloping 50-week moving average toward the end of 2020 should provide the gold bull market a relative advantage in 2021, in our view. The metal's upward trajectory, which resumed with the first Federal Reserve rate hike in 2015, shows few signs of other than staying the course. Our graphic depicts gold revisiting good initial support around $1,800 an ounce after an August jump to the most extended above its 50-week mean since 2011. About $1,800-$2,000 is a potential range for a while within what appears as an enduring stair-step rally in the metal.

    Something Unlikely Needed to Trip Up Gold Bull

    Sustaining below its 50-week mean of about $1,755 to Nov. 25 would be an initial sign of weakness, but the more likely price trajectory is up.

    Gold on Track for $2,000 in 2021. Mean, median and mode support in gold comes in just below $1,800 an ounce, and our bias is titled toward this level marking the lower end of the range in 2021. The average spot gold price in 2020 to November is about $1,760, as is the approximate halfway mark of the years' range from $1,452-$2,075. Our graphic shows the annual price of the metal in a clear uptrend, as indicated by the five-year moving average. The bottom and recovery in 2015-16 appears akin to 2000-01. Something unexpected would be needed to trip-up the trend; otherwise probabilities appear poised for more of the same in 2021.

    Up Remains The Gold Path of Least Resistance

    About 50% above the five-year mean held resistance in 2020 and comes in near $2,100 for the start of 2021. We see the market more likely to ride this line, like it did from 2001-11, than breach support.

    Technical - A Nascent Copper Bull

    Copper Likely to Transition to $3 Support, $4 Resistance in 2021. More of the same as 2020 is likely for copper in 2021, in our view, which would get the metal toward $4 a pound resistance. The industrial metal may see some back-and-fill toward $3 support, notably if stocks decline, but copper appears more likely to follow a longer-term path paved by gold toward new highs.

    Pullback Risks Elevated for Copper Bull Market. Copper prices may have a relative disadvantage at the start of 2021, a bit extended near good resistance toward the end of November, yet we expect an eventual breakout higher. Gold is good guidance, if history is a guide. The benchmark precious metal is advancing for different macroeconomic reasons than the industrial, but gold is among the most robust measures of the dollar, and copper has a strong inverse relationship to the greenback. Our graphic depicts copper at resistance levels that have held since 2013.

    Copper Set to Follow Gold Higher

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Some stock-market reversion is a top risk for the red metal, but we expect what was good resistance at about $3.30 a pound to transition toward support as copper moves toward $4 in 2021, following gold upward. Sustaining below the 50-week moving average at about $2.75 to Nov. 25, would be an initial sign of failure.

    Copper Set to Raise Resistance Levels in 2021. Buyers of copper at about $3.30 a pound on Nov. 25 haven't fared well since 2013, though we see greater potential for a bull-market transition in 2021. The 2020 year will mark the third since 2017 that the metal's price bumped up against resistance of roughly $3.30, which appears as a beach ball that won't sink. Our graphic depicts the five-year moving average turning upward in 2020 and potentially providing good support guidance in 2021, just below $3 a pound. The next key target resistance is around the $4 high from 2012.

    2020 Copper Low Appears Enduring as 2008

    It's likely that the 2020 low just below $2 will mark an enduring bottom akin to about $1.25 in 2008, which set the stage for the all-time high in 2011 of $4.66. Copper is up about 20% in 2020 to Nov. 25. About the same in 2021 could approach $4.

    Individual Commodities Front Future Change

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Agriculture (Index weight: 35% of BCOM) Performance: November +5.8%, 2020 +5.5, Spot +11.9%

    Grains (Index Weight: 24% of BCOM) Performance: November +4.8% 2020 +6.7%, Spot +13.5% Softs (Weight: 6% of BCOM) Performance: November +6.0%, 2020 -3.0%, Spot +2.2%

    Low Prices Appear Cured Agriculture's Bear Market May Finally Be Cured of Low Prices. The U.S. grain production machine is likely to be tested in 2021 and we suspect a nascent bull market to prevail. The highest corn, soybean and wheat prices in about six years as we near the end of 2020 are incentive for more supply and carry an elevated risk of reversion, yet we see a shift to a more-enduring agriculture recovery as U.S.-China trade tensions simmer, climate change accelerates and the dollar faces limited further upside. About $4 corn and $10 soybeans, which have held markets in check since 2014, may be transitioning to support.

    Agriculture Following Gold

    From Corn to Sugar, Agriculture Set to Take Some of Gold's Shine. After about a 14% gain in the Bloomberg Agriculture Spot Subindex in 2020 to Nov. 24, conditions are favorable for more of the same in 2021. Continued reversion-potential in the elevated dollar and grains' stocks-to-use -- on the back of multiyear ag-price lows in 1H -- along with climate change should help form a strong recovery base.

    2019-20 a Likely Long-Term Agriculture Bottom. It's reasonable in 2021 to expect the recovering Bloomberg Agriculture Spot Index to breach resistance around the halfway mark of the 2011-19 bear market, in our view. Just over 10% above the level on Nov. 24 would do it, on the back of about a 23% gain so far in 2020. On an annual basis, agriculture prices have formed a double bottom in 2019-20 at about a decade low, reinforcing a mantra in commodities: low prices often provide the recovery cure. Our graphic depicts gold rising, a leading indicator for a weakening dollar that is a typical prerequisite for rising ag and grain prices.

    Gold a Good Proxy for the Dollar and Ag Prices

    Peaking grains' stocks-to-use, climate change and new U.S. leadership more focused on clean energy and biofuel production, along with diminishing U.S.-China trade tension, should add support for a nascent bull market in agriculture prices.

    Grain Index Appears Similar to 20 Years Ago. A declining dollar and U.S. grains' stocks-to-use from historically elevated levels tilt favor toward rising grain prices, in our view. The graphic depicts similar peaking patterns in the dual grain-price companions as those seen near the start of the new millennium, when the Bloomberg Grains Spot Subindex bottomed. An enduring period of low prices provided a foundation for the index to increase about 300% to the 2012 high from the 2005 low.

    Peaking Dollar, Stocks-to-Use & Bottoming Grains

    Rhyme risks are high, as the grain index appears on a path to end 2020 at its loftiest level since 2014. Some back-and-fill should be expected. The old index highs of about 210 from 2017-19, vs. closer to 230 on Nov. 24, should shift to support, notably if stocks and the dollar decline. In soybeans, the 2017-18 high was about $10.80 a bushel vs. closer to $11.80 on Nov. 24.

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    Softs, Sugar Set to Follow Corn, With Real Help. If the value of the Brazilian real stops declining, the soft commodities sector is ripe for a sustained recovery, in our view. Dominated by sugar and coffee, primarily produced and exported from Brazil, the Bloomberg Softs Spot Subindex hit an 11-year low in 2020 that should be enduring when the real stabilizes. Our graphic depicts the index on the cusp of breaching its five-year moving average at the end of 2020. To overcome this threshold, sugar needs to turn resistance of about 15 cents a pound on Nov. 24 into to support.

    2020 Appears as Enduring Bottom in Softs

    Corn indicates higher prices for softs. Increasingly linked via biofuel, the similar pivotal resistance in corn at about $4 a bushel appears to be transitioning to support. Divergent strength is our take on the softs in 2020, up about 3% despite a roughly 25% slide in the real. PERFORMANCE DRIVERS

    Soybeans, Grains Set to Sustain Ag Recovery. Divergent strength in agriculture prices despite record soybean production from Brazil and a weak real is our takeaway for 2021 as we exit 2020. The fact that the oilseed has held above $10-a-bushel resistance to Nov. 24, in the year after soybean piles dominated the Corn Belt, suggests the end of the bear market. About $4 corn and $10 soybeans -- levels that have held markets in check since 2014 -- appear to be moving toward support.

    Divergent Strength - Soybeans Up vs. Real down

    Strong U.S. exports are a top factor for rising grain prices, and a peak greenback is a typical companion. Climate change, along with reversion potential in the trade-weighted dollar from all-time highs in 1H and movement toward some recovery in the real, may provide ample tailwinds for recovering agriculture prices in the coming years.

    Grain Low-Price Virus Likely Cured

    $10 Corn In China Underpins U.S. Toward $5, Soybeans $13 in 2021. Record-high corn prices of $10 a bushel in China and U.S. soybean exports-to-production breaching the 50% threshold are part of a longer-term bottom narrative in grain prices that coincided with Donald Trump's presidency, in our view. What was corn resistance around $4 should transition toward $5 in 2021, while soybeans may take a run at $13.

    U.S. Exports, Peak Dollar Give Birth to a Bull. Corn, soybeans and wheat leaving the U.S. at the fastest pace relative to production since 2002 indicates a nascent bull market for prices, in our view. Add the potential for a peak dollar and parallels can be drawn to the start of the new millennium, when the Bloomberg Grains Spot Subindex began its run to its peak above 300 in 2013 from just under 100. Our graphic depicts U.S. grain exports at about 30% of production -- a level last matched in 2002. Duration is the primary question for the outlook for prices, and we see solid underpinnings.

    Low Prices Appear to Have Cured the Grains

    The grain index's 20-month moving average appears to be turning upward following an extended period of subdued prices, and the dollar is as elevated as when it peaked almost 20 years ago. Grain futures in the index are primarily traded and delivered in the U.S.

    Corn Set to Move Toward $4 Support, $5 Resistance. Corn appears to have formed an enduring bottom in 2020, in our view. Approaching the upper end of its six-year range, some back-and-fill should be expected, but we see a base building to turn what was $4-a-bushel resistance into support in 2021. U.S. exports to China are a top driver, and corn futures on the Dalian Commodity Exchange reaching the highest in our database since 2004 should provide some

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  • December 2020 Edition Bloomberg Commodity Outlook 2021

    guidance. Our graphic depicts China corn in dollar- equivalent bushels at about $10 vs. closer to $4.30 on the CME benchmark on Nov. 24. Favorable demand vs. supply conditions in China have tipped the global scales similarly.

    Low Prices May Have Finally Cured Corn

    The benchmark price hitting an 11-year low in April amid the global pandemic and U.S.-China trade tensions was a primary pillar of corn's firming foundation.

    Soybeans Turning a Sawbuck Into Enduring Support. U.S. soybean exports-to-production reaching a new high above the 50% threshold supports prices revisiting key resistance around $13 a bushel in 2021, in our view. Extending above 50% in a year when the dollar -- along with Brazil soybean production and exports -- hit a peak is a sign of a nascent bull market for the oilseed. Our graphic depicts soybeans at about $11.80 a bushel on Nov. 24, above key resistance of around $10 and approaching four-year highs. The average price since 2014 and a five-year moving average of about $10 should transition toward support in the coming years.

    Soybeans Heading Toward the Teens

    Beans in the teens -- $13 -- are about halfway between the 2019 low and 2012 peak. The benchmark soybean future is primarily traded and delivered in the U.S.

    Index Performance (as of November 30)

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  • Composite Indices * Click hyperlinks to open in Bloomberg

    Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearBloomberg Commodity ER BCOM 3.50% -8.07% -3.57% -13.23% -8.28% -49.32% -33.36% -28.18% -51.27% 301.76%Bloomberg Commodity TR BCOMTR 3.51% -7.71% -3.06% -9.16% -2.83% -46.15% -11.41% 54.28% 151.16% 4017.97%

    Bloomberg Commodity Spot BCOMSP 4.11% 6.29% 11.50% 8.19% 36.49% -9.07% 182.59% 259.99% 171.26% 1756.00%Bloomberg Roll Select BCOMRST 3.69% -3.26% 1.63% -6.83% 4.38% -36.12% 103.25%

    1 Month Forward BCOMF1T 3.77% -4.40% 0.54% -4.92% 4.09% -37.84% 56.43% 2 Month Forward BCOMF2T 4.08% -2.66% 2.56% -0.70% 10.32% -35.23% 97.72% 3 Month Forward BCOMF3T 4.17% -1.98% 3.23% -0.98% 10.63% -32.65% 109.03% 4 Month Forward BCOMF4T 4.88% -0.10% 5.21% 0.56% 15.64% -26.53% 5 Month Forward BCOMF5T 4.83% 0.84% 6.17% 2.69% 18.20% -24.89% 6 Month Forward BCOMF6T 4.77% 1.43% 6.65% 3.28% 19.48% -23.62%

    Energy BCOMENTR 3.46% -42.34% -38.36% -41.54% -43.98% -79.88% -86.43% -60.06%Petroleum BCOMPETR 24.66% -44.61% -39.31% -36.46% -34.21% -69.10% -48.00%Agriculture BCOMAGTR 5.76% 5.49% 11.56% -5.70% -13.94% -41.26% -14.29% -10.01% -3.17% 1200.84%

    Grains BCOMGRTR 4.80% 6.67% 11.61% -2.30% -18.92% -41.67% -25.31% -35.79% -43.30% 331.85%Industrial Metals BCOMINTR 10.53% 15.97% 19.52% 9.05% 60.19% -21.70% 136.81%Precious Metals BCOMPRTR -5.46% 15.39% 19.87% 32.79% 55.22% 4.20% 426.26% 364.17% 109.00%

    All Metals BCOMAMT 2.04% 15.70% 19.72% 20.41% 59.81% -7.89% 275.71%Softs BCOMSOTR 6.01% -2.98% 3.07% -20.12% -22.15% -59.08% -49.49% -34.34% -5.28% 2579.76%

    Livestock BCOMLITR 1.60% -25.00% -23.83% -31.17% -27.62% -40.99% -64.43% -55.89%Ex-Energy BCOMXETR 3.53% 7.81% 12.40% 4.41% 15.96% -25.15% 62.61%

    Ex-Petroleum BCOMXPET 0.59% 2.22% 5.96% -4.51% 1.91% -43.07%Ex-Natural Gas BCOMXNGT 6.47% -4.38% 0.95% -3.02% 6.94% -33.79%Ex-Agriculture BCOMXAGT 2.51% -13.09% -8.97% -11.20% 1.13% -49.68%

    Ex-Grains BCOMXGRT 3.25% -10.44% -5.86% -10.67% 0.40% -48.06%Ex-Industrial Metals BCOMXIMT 1.93% -12.33% -7.55% -13.17% -13.16% -50.86%Ex-Precious Metals BCOMXPMT 5.87% -12.79% -8.17% -16.76% -12.84% -53.85%

    Ex-Softs BCOMXSOT 3.33% -8.09% -3.54% -8.41% -1.61% -45.56%Ex-Livestock BCOMXLIT 3.62% -6.55% -1.63% -7.65% -1.29% -46.59%

    Ex-Agriculture & Livestock BCOMXALT 2.59% -11.91% -7.46% -9.24% 3.74% -50.66%Bloomberg Dollar Spot BBDXY -2.35% -3.37% -5.31% -1.61% -7.51% 14.07%

    Bloomberg US Large Cap TR B500T 11.50% 16.97% 20.42% 49.02% 97.80% 287.21%US Aggregate LBUSTRUU 0.98% 7.36% 7.28% 17.27% 23.66% 43.99% 161.43% 460.54% 1840.95%US Treasury LUATTRUU 0.35% 8.25% 7.64% 17.03% 20.41% 36.67% 140.30% 413.10% 1587.50%

    US Corporate LUACTRUU 2.79% 9.41% 9.76% 23.29% 36.89% 70.61% 231.42% 640.04% 2609.80%US High Yield LF98TRUU 3.96% 5.13% 7.24% 18.04% 44.46% 92.91% 352.35% 1186.06%

    Single Commodity Indices

    Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearNatural Gas BCOMNGTR -16.91% -33.37% -35.35% -59.72% -70.54% -95.01% -99.86%

    Low Sulfer Gas Oil BCOMGOT 25.51% -46.35% -42.47% -36.36% -29.51% -60.17% -0.58%WTI Crude BCOMCLTR 25.43% -53.72% -48.61% -47.85% -52.63% -82.20% -73.62% -15.51%

    Brent Crude BCOMCOT 24.57% -36.64% -30.03% -21.50% -13.80% -55.74% 24.18%ULS Diesel BCOMHOTR 25.30% -42.59% -38.02% -34.73% -24.76% -58.72% -25.82% 35.89%

    Unleaded Gasoline BCOMRBTR 20.88% -38.24% -34.46% -34.20% -32.75% -43.88% 20.83% 211.19%Corn BCOMCNTR 4.76% -0.60% 1.23% -11.27% -31.24% -51.52% -74.00% -84.44% -85.93% -49.65%

    Soybeans BCOMSYTR 10.64% 18.33% 27.09% 0.26% 7.15% 13.61% 282.73% 314.78% 243.34% 3328.77%Wheat BCOMWHTR -3.53% 0.69% 3.99% 12.56% -25.11% -67.61% -80.30% -85.61% -88.91% -38.53%

    Soybean Oil BCOMBOTR 12.05% 2.12% 15.27% -3.18% 2.45% -51.26% 18.62% -23.19% -16.96% 1256.18%Soybean Meal BCOMSMT 5.09% 20.82% 24.16% 3.66% 12.34% 78.01% 799.75%HRW Wheat BCOMKWT -0.38% 3.55% 12.74% -10.04% -42.80% -74.59% -70.82%

    Copper BCOMHGTR 12.59% 20.47% 26.78% 9.75% 58.61% -19.96% 333.07% 642.67%Alumnium BCOMALTR 10.41% 7.82% 9.72% -4.51% 28.86% -40.09% -22.49%

    Zinc BCOMZSTR 10.37% 20.70% 20.60% -1.17% 96.71% 21.35% 88.11%Nickel BCOMNITR 5.67% 12.68% 15.58% 43.41% 73.61% -37.38% 217.51%Gold BCOMGCTR -5.60% 13.65% 17.70% 33.85% 57.71% 18.06% 463.12% 330.63% 156.04%Silver BCOMSITR -4.99% 21.86% 27.84% 29.85% 47.32% -30.16% 281.31% 338.38% -14.91%Sugar BCOMSBTR 1.05% 3.60% 7.59% -21.44% -26.94% -66.29% -36.57% 43.14% -84.90% 62.45%Coffee BCOMKCTR 15.22% -12.99% -5.08% -29.45% -37.03% -75.83% -84.26% -82.40% -61.02%Cotton BCOMCTTR 1.98% 1.58% 7.46% -4.78% 10.72% -18.20% -68.66% -52.52% 74.15% 1186.47%

    Live Cattle BCOMLCTR 1.37% -19.46% -19.52% -18.61% -12.68% -18.68% -18.54% 21.91% 544.56% 2798.33%Lean Hogs BCOMLHTR 2.09% -33.18% -29.90% -50.50% -49.49% -67.61% -91.31% -93.40%

    Index Name Ticker

    Index Name Ticker

    PERFORMANCE: Bloomberg Commodity Indices

    2020

    2020

    https://blinks.bloomberg.com/securities/BCOM%20index/gphttps://blinks.bloomberg.com/securities/BCOMTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSP%20index/gphttps://blinks.bloomberg.com/securities/BCOMRST%20index/gphttps://blinks.bloomberg.com/securities/BCOMF1T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF2T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF3T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF4T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF5T%20index/gphttps://blinks.bloomberg.com/securities/BCOMF6T%20index/gphttps://blinks.bloomberg.com/securities/BCOMENTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMPETR%20index/gphttps://blinks.bloomberg.com/securities/BCOMAGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGRTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMINTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMPRTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMXETR%20index/gphttps://blinks.bloomberg.com/securities/BCOMXPET%20index/gphttps://blinks.bloomberg.com/securities/BCOMXAGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXGRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXIMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXPMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXSOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXLIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMXALT%20index/gphttps://blinks.bloomberg.com/securities/BBDXY%20index/gphttps://blinks.bloomberg.com/securities/B500T%20index/gphttps://blinks.bloomberg.com/securities/LBUSTRUU%20index/gphttps://blinks.bloomberg.com/securities/LUATTRUU%20index/gphttps://blinks.bloomberg.com/securities/LUACTRUU%20index/gphttps://blinks.bloomberg.com/securities/LF98TRUU%20index/gphttps://blinks.bloomberg.com/securities/BCOMNGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMCLTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMHOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMRBTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCNTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSYTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMWHTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMBOTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMKWT%20index/gphttps://blinks.bloomberg.com/securities/BCOMHGTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMALTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMZSTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMNITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMGCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSITR%20index/gphttps://blinks.bloomberg.com/securities/BCOMSBTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMKCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMCTTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLCTR%20index/gphttps://blinks.bloomberg.com/securities/BCOMLHTR%20index/gp

  • Composite Roll Select Indices * Click hyperlinks to open in Bloomberg

    Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearBCOM Roll Select BCOMRST 3.69% -3.26% 1.63% -6.83% 4.38% -36.12% 103.25%

    Roll Select Agriculture BCOMRAGT 6.73% 3.63% 9.72% -6.60% -11.46% -35.69% 48.79%Roll Select Ex-Ags & Livestock BBURXALT 2.37% -5.32% -0.59% -5.22% 15.14% -38.47% 125.51%

    Roll Select Grains BCOMRGRT 5.82% 5.52% 10.60% -2.60% -15.91% -37.37% 37.69%Roll Select Softs BCOMRSOT 7.14% -6.54% -0.63% -24.73% -23.83% -54.64% -16.98%

    Roll Select Livestock BCOMRLIT 2.12% -16.26% -14.74% -30.81% -33.86% -36.93% 8.22%Roll Select Energy BCOMRENT 3.16% -29.06% -24.25% -31.09% -24.53% -66.16% -24.55%

    Roll Select Ex-Energy BCOMRXET 3.87% 8.02% 12.70% 3.52% 16.40% -21.03% 164.79%Roll Select Petroleum BCOMRPET 19.97% -31.75% -25.58% -22.86% -11.05% -50.83% 107.24%

    Roll Select Industrial Metals BCOMRINT 10.43% 15.05% 18.55% 5.87% 57.11% -19.93% 234.26%Roll Select Precious Metals BCOMRPRT -5.63% 16.37% 20.93% 34.06% 57.22% 6.04% 444.59%

    Single Commodity Roll Select Indices

    Nov YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearNatural Gas RS BCOMRNGT -14.76% -22.38% -23.68% -55.94% -59.82% -89.48% -97.24%

    Low Sulfer Gas Oil RS BCOMRGOT 23.26% -42.99% -38.95% -34.80% -27.89% -57.76% 22.22%WTI Crude RS BCOMRCLT 19.23% -24.87% -17.66% -14.55% -4.87% -52.91% 125.17%

    Brent Crude RS BCOMRCOT 18.39% -33.11% -26.14% -20.45% -9.14% -47.70% 129.65%ULS Diesel RS BCOMRHOT 23.85% -44.58% -40.15% -39.63% -31.80% -61.50% 27.91%

    Unleaded Gasoline RS BCOMRRBT 20.88% -22.26% -17.29% -15.21% 6.56% -18.80% 176.31%Corn RS BCOMRCNT 5.43% -2.37% 0.46% -12.36% -29.13% -50.24% -53.39%

    Soybeans RS BCOMRSYT 11.60% 17.52% 25.56% 7.35% 22.87% 40.18% 474.27%Wheat RS BCOMRWHT -1.26% 0.27% 3.56% 3.09% -32.57% -69.17% -41.77%

    Soybean Oil RS BCOMRBOT 12.05% 0.18% 13.07% -6.02% 0.90% -48.09% 63.54%Soybean Meal RS BCOMRSMT 6.25% 18.56% 21.90% 10.74% 22.02% 108.63% 1169.09%HRW Wheat RS BCOMRKWT -0.20% 2.79% 11.41% -14.76% -43.67% -73.48% -37.01%

    Copper RS BCOMRHGT 12.54% 19.75% 26.00% 8.53% 57.68% -18.75% 492.54%Alumnium RS BCOMRALT 10.10% 5.72% 7.48% -11.22% 22.29% -38.49% 6.20%

    Zinc RS BCOMRZST 10.33% 20.42% 20.32% -4.72% 91.24% 21.42% 179.21%Nickel RS BCOMRNIT 5.65% 12.35% 15.33% 42.58% 73.78% -34.77% 400.93%Gold RS BCOMRGCT -5.75% 14.92% 19.11% 35.59% 60.45% 20.20% 472.59%Silver RS BCOMRSIT -5.22% 21.83% 27.70% 29.61% 47.34% -28.92% 315.22%Sugar RS BCOMRSBT 2.71% -5.03% -0.78% -32.30% -33.27% -64.05% 21.49%Coffee RS BCOMRKCT 14.97% -12.24% -4.70% -29.88% -37.23% -73.95% -76.03%Cotton RS BCOMRCTT 3.30% 2.04% 7.94% -0.74% 16.17% 0.69% -51.80%

    Live Cattle RS BCOMRLCT 3.39% -17.39% -16.45% -23.55% -19.78% -22.12% 32.98%Lean Hogs RS BCOMRLHT -0.53% -11.56% -9.05% -41.34% -51.64% -56.53% -34.78%

    PERFORMANCE: Bloomberg Commodity Roll Select Indices

    Index Name Ticker

    Index Name Ticker

    2020

    2020

    https://blinks.bloomberg.com/securities/BCOMRST%20index/gphttps://blinks.bloomberg.com/securities/BCOMRAGT%20index/gphttps://blinks.bloomberg.com/securities/BBURXALT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRENT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRXET%20index/gphttps://blinks.bloomberg.com/securities/BCOMRPET%20index/gphttps://blinks.bloomberg.com/securities/BCOMRINT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRPRT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRNGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCLT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRHOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRRBT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCNT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSYT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRWHT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRBOT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSMT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRKWT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRHGT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRALT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRZST%20index/gphttps://blinks.bloomberg.com/securities/BCOMRNIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRGCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSIT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRSBT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRKCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRCTT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLCT%20index/gphttps://blinks.bloomberg.com/securities/BCOMRLHT%20index/gp

  • BCOM Constituent Weights BCOM Index MEMB * Click hyperlinks to open in Bloomberg

    Group Commodity TickerNov 2020 Contrib

    to Return %Nov 30 2020

    Weight %Oct 30 2020

    Weight %

    Nov 2020 Weight% Change

    2021 Target Weight

    Natural Gas NG -2.15 10.11 12.67 (2.56) 8.07%Low Sulfer Gas Oil QS 0.33 1.56 1.29 0.27 2.64%

    WTI Crude CL 1.16 5.50 4.56 0.93 8.14% Brent Crude CO 0.95 4.67 3.85 0.82 6.86% ULS Diesel HO 0.28 1.35 1.12 0.23 2.08% Gasoline XB 0.28 1.53 1.32 0.21 2.18%Subtotal 0.84 24.72 24.82 (0.09) 29.97%

    Corn C 0.29 6.13 5.97 0.16 5.59% Soybeans S 0.66 6.62 6.23 0.39 5.82%

    Wheat W -0.11 3.07 3.27 (0.20) 2.89% Soybean Oil BO 0.33 2.97 2.76 0.21 3.20%

    Soybean Meal SM 0.21 4.05 4.01 0.04 3.60% HRW Wheat KW 0.00 1.62 1.67 (0.05) 1.57%

    Subtotal 1.37 24.46 23.91 0.55 22.65% Copper HG 0.93 8.13 7.50 0.63 5.39%

    Aluminum LA 0.45 4.63 4.37 0.26 4.21% Zinc LX 0.37 3.85 3.63 0.22 3.25%

    Nickel LN 0.17 3.00 2.96 0.04 2.71%Subtotal 1.92 19.61 18.46 1.15 15.56%

    Gold GC -0.88 14.62 16.07 (1.45) 14.65% Silver SI -0.23 4.40 4.80 (0.39) 4.35%

    Subtotal -1.12 19.02 20.87 (1.84) 19.00% Sugar SB 0.04 3.05 3.14 (0.09) 2.99% Coffee KC 0.35 2.59 2.29 0.31 2.74% Cotton CT 0.03 1.46 1.45 0.01 1.51%

    Subtotal 0.41 7.10 6.88 0.22 7.23% Live Cattle LC 0.05 3.40 3.40 0.00 3.85% Lean Hogs LH 0.03 1.67 1.66 0.01 1.73%Subtotal 0.08 5.07 5.06 0.01 5.57%

    Total 3.50 100.00 100.00 100.00%

    Energy

    Livestock

    Softs

    Precious Metals

    Industrial Metals

    Grains

    https://blinks.bloomberg.com/securities/BCOM%20index/membhttps://blinks.bloomberg.com/securities/NGA%20comdty/gphttps://blinks.bloomberg.com/securities/QSA%20comdty/gphttps://blinks.bloomberg.com/securities/CLA%20comdty/gphttps://blinks.bloomberg.com/securities/COA%20comdty/gphttps://blinks.bloomberg.com/securities/HOA%20comdty/gphttps://blinks.bloomberg.com/securities/XBA%20comdty/gphttps://blinks.bloomberg.com/securities/C%20A%20comdty/gphttps://blinks.bloomberg.com/securities/S%20A%20comdty/gphttps://blinks.bloomberg.com/securities/W%20A%20comdty/gphttps://blinks.bloomberg.com/securities/BOA%20comdty/gphttps://blinks.bloomberg.com/securities/SMA%20comdty/gphttps://blinks.bloomberg.com/securities/KWA%20comdty/gphttps://blinks.bloomberg.com/securities/HGA%20comdty/gphttps://blinks.bloomberg.com/securities/LAA%20comdty/gphttps://blinks.bloomberg.com/securities/LXA%20comdty/gphttps://blinks.bloomberg.com/securities/LNA%20comdty/gphttps://blinks.bloomberg.com/securities/GCA%20comdty/gphttps://blinks.bloomberg.com/securities/SIA%20comdty/gphttps://blinks.bloomberg.com/securities/SBA%20comdty/gphttps://blinks.bloomberg.com/securities/KCA%20comdty/gphttps://blinks.bloomberg.com/securities/CTA%20comdty/gphttps://blinks.bloomberg.com/securities/LCA%20comdty/gphttps://blinks.bloomberg.com/securities/LHA%20comdty/gp

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    Bloomberg_Indices_Outlook_Commodities_Dec_2020BCOM -Nov 30 2020 noFxPERFORMANCEROLL_SELECTMEMB and FORECAST

    BCOM Disclaimer - 2020BCOM Outlook disclaimer