Category: Advisor Commentary

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Oil
Advisor Commentary

Oil market mid-year S&D outlook: GZC Strategic Commodities Fund May 2022 Report

Commentary by GZC Investment Management Global balances in crude have been tight in 2H21 but since then have been globally neutral to soft. Great disparities between OECD and non-OECD countries have been noticeable. In short, OECD has been drawing oil stocks rapidly until recently while non-OECD countries, particularly China, were constantly building stocks, allowing them […]

Corn field
Advisor Commentary

June 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments The last business day of June always brings the USDA’s June 1 Stocks Report and updated estimates of Planted Acres. The combination of those two reports, one for old and one for new crop, make it the most important agricultural report day of the year. This year […]

Corn field
Advisor Commentary

May 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments We’re more than three months past the Russian invasion of Ukraine. Yet, developments in the Black Sea and countries’ reactions to these developments continue to dominate our markets daily. The loss of Ukrainian sunseeds and sunoil prompted Indonesia to ban palm exports. The loss of Ukrainian wheat […]

oil
Advisor Commentary

Cayler Capital April 2022 Commentary

Commentary provided by Brent Belote of Cayler Capital Cayler Capital had a slight pullback after our blockbuster performance in March, posting -5.53% for April (Past Performance not indicative of future results). Primary losses were from long oil positions. We have gone back to the sideline for the time being on oil directionally but still believe […]

Corn field
Advisor Commentary

April 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments Food security and domestic inflation have quickly become the top concerns of almost every country in the world. The loss of Ukrainian wheat exports caused several smaller countries to restrict their exports and encouraged several importing countries to increase their inventories. The loss of Ukrainian sunseed and […]

red-blue-fluid
Advisor Commentary

Numberline Capital Partners March Performance Report and Market Summary

Commentary by John Knott of Numberline Capital Partners. The NLCP Macro-Economic Model up ticked slightly this month from 8.16 to 8.32. That was a little surprising. We expect it to continue to weaken “slowly” as we move into summer and the Fed tries to slow the economy down. There has been a lot of talk about […]

Jerome Powell
Advisor Commentary

AG Capital March 2022 Investor Update

Does Powell want an equity market decline? It seems so. Former Fed chair Bernanke spent a decade delivering a policy of actively pursuing a “wealth effect” via quantitative easing (QE), hoping that stock market gains would unleash additional spending in the economy. It didn’t really work, only serving to exacerbate the wealth divide. It took […]

Corn field
Advisor Commentary

March 2022 Market Letter

Commentary provided by Chad Burlet of Third Street AG Investments From a commodity perspective, March came in like a lion and went out like a lion. At the beginning of the month, the market was trying to grasp the impact of the Russian invasion of Ukraine. At the end of the month, it was attempting to price […]

red-blue-fluid
Advisor Commentary

Numberline Capital Partners February Performance Report and Market Summary

Commentary by John Knott of Numberline Capital Partners. Last month, we left off expecting a re-test of the price lows but firmly believed the “panic selling” was largely done with. Well, we got the re-test on all three major indices. The market has stayed volatile as expected, and sentiment has rarely been this bad. Commodities are […]

Wheat Field
Advisor Commentary

Gamma Q February 2022 Market Update

Commentary provided by Todd Delay of Gamma Q Our long bias to corn and the soybean complex drove returns for February. Deteriorating weather conditions in South America ratcheted down production estimates providing support to corn and soybeans; then, as the month came to an end, it was marked with the opening of the Russian invasion […]

Oil
Advisor Commentary

Russian Sanctions Already Traded: GZC Strategic Commodities Fund January 2022 Report

Commentary by GZC Investment Management In January, global energy demand was on the strong side of expectations, with oil storage in OECD drawing significantly. However, global crude oil balances suggest it is likely to ease for the coming months despite a strong backwardation in oil curves and limitation in US stocks building instrumented by Saudi […]

Corn field
Advisor Commentary

Gamma Q January 2022 Market Update

Commentary provided by Todd Delay of Gamma Q Breckhurst Commodity Fund (onshore) was up a net estimate of 1.29% for January, and Breckhurst Commodity Fund (Cayman) was up a net estimate of 1.25%. The risk loss in trading futures and options can be substantial. Past performance is not necessarily indicative of future results. A long […]

Advisor Commentary

The Rush to Decarbonize

With COP26 underway, the discussion returns to how close each polluting nation can get to net-zero emissions (NZE) by 2050. This, the climate scientists suggest, is the only way to limit the pace of global warming to 1.5°C above pre-industrial levels this century. Not everyone is fully committed, but the general thrust is in this […]

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