BLOOMBERG COMMODITY INDEX (BCOM) TABLES & CHARTS · 2016-04-15 · The Bloomberg Commodity Index...
Transcript of BLOOMBERG COMMODITY INDEX (BCOM) TABLES & CHARTS · 2016-04-15 · The Bloomberg Commodity Index...
March 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
The Bloomberg Commodity Index (BCOM) returned 3.8% in March and capped an eight month losing streak. Commodities received a boost from a weakened dollar -- the Bloomberg Dollar Index sank to a nine month low as the Fed was seen putting off a rate increase. A 16% rally in gold kept commodities in positive territory in Q1.
Q1 Scorecard for Individual Bloomberg Commodity Indices: CRR <go>
Energy (29.7% of BCOM)
The Bloomberg Energy Index posted a 7.8% gain in March as WTI surged above $40 a barrel from a 12-year low. OPEC crude production rose in March as Iranian output climbed to the highest level in almost four years. Production increased by 64,000 barrels to 33.09 million a day in March, according to a Bloomberg survey of oil companies, producers and analysts.
Saudi Arabia pledged to freeze oil production if Iran and other major producers freeze production, the kingdom’s deputy crown prince said March 30. Even if Saudi Arabia and Russia were to pull off a diplomatic coup and persuade producers all over the world to join their oil-output freeze, it would have little impact on the global surplus. That’s because Iran and Brazil, the two countries the International Energy Agency predicts will add most supply this year, have shown little interest in participating. Even if other suppliers as diverse as Argentina and Equatorial Guinea agreed to cap output, their combined efforts would curb supply this year by just 50,000 barrels a day, or 5% of the global production surplus, IEA data show.
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary. It won’t be regional nemesis Iran, a resurgent Iraq or long-standing competitor Russia. The answer will be more prosaic: a stockpile surplus of more than 1 billion barrels built up since 2014 will remain, weighing on prices. Inventories will keep accumulating until the end of 2017, the International Energy Agency forecasts, and clearing the glut could take years.
Three months since the U.S. lifted a 40-year ban on oil exports, American crude is flowing to virtually every corner of the market and reshaping the world’s energy map. Overseas sales, which started on Dec. 31 with a small cargo aboard the Theo T tanker, have been picking up speed. Oil companies including Exxon Mobil and China Petroleum and Chemical Corp have joined independent traders such as Vitol and Trafigura in exporting American crude. The export activity is helping to support spot oil prices in the U.S. relative to contracts for later delivery. With American stockpiles at unprecedented levels, oil tankers laden with U.S. crude have docked in, or are heading to, countries including France, Germany, the Netherlands, Israel, China and Panama. Oil traders said other destinations are likely, just as supplies in Europe and the Mediterranean region are also increasing. That said, the U.S. is likely to remain for the foreseeable future a small exporter compared with OPEC giants Saudi Arabia, Iran and Iraq and non-OPEC producers Mexico and Russia.
The International Energy Agency said that oil prices may have passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group erode the global surplus. Production outside OPEC will decline by 750,000 barrels a day this year, or 150,000 barrels a day more than estimated in February. Markets are also being supported by output losses in Iraq and Nigeria, and
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as Iran restores production more slowly than planned following the end of international sanctions.
China’s crude imports rose to a record as oil’s crash to the lowest in more than 12 years boosted buying. The world’s biggest energy user increased inbound crude shipments in February by 19% from the previous month to 31.8 million metric tons, according to data from the Beijing-based General Administration of Customs. That’s equivalent to about 8.04 million barrels a day, the highest daily average on record. Oil product exports slid a second month to 2.99 million tons, the lowest since May. The government’s decision not to cut retail fuel prices when oil falls below $40 a barrel has made domestic sales of oil products more profitable compared with exports, according to ICIS China, a Shanghai-based researcher. China has also pushed back completion of its emergency petroleum stockpiles to beyond the original 2020 deadline. The world’s largest energy consumer will finish construction of the second phase of its strategic oil reserves and begin preliminary work on additional sites by 2020, according to the 2016-2020 Five Year Plan. The country’s previous plans called for three phases to be completed by the end of the decade.
As crude has soared more than 50% since Feb. 11, the number of bets on increased prices has barely budged. Instead, the upward pressure on prices appears to have come from traders cashing out of bearish wagers at an unprecedented pace. The liquidation of short positions during the last seven weeks covered by data from the CFTC was the largest on record.
Pierre Andurand, a hedge fund manager who predicted the oil collapse, said crude is starting a “multi-year bull run” because low prices have curbed supply. Futures will rebound to $60 to $70 this year and $80 in 2017, the CIO of Andurand Capital Management LLP said in a newsletter to investors.
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Index FAQ: why is the index down if spot is up? The following graphs show how the WTI futures market has moved during Q1 and may help investors understand why benchmark indices can drop even as spot prices rise. Bloomberg WTI Index vs. Generic 1st WTI Contract
YTD, we can see that the generic 1st WTI futures contract moved up 3.4% while the Bloomberg WTI Index dropped 11.6%. The Index was composed of (only) the March 2016 WTI futures contract from 12/31/2015 to 02/05/2016 and rolled into the May 2016 WTI futures contract during the February rolling period until the end of the Q1. The March contract returned -26.8% from 12/31/2015 to 02/09/2016 (approximately middle of the February roll window) and the May contract returned 20.6% from 02/09/2016 to 03/30/2016, resulting in a total loss of 11.6% for the Bloomberg WTI Index. WTI Active Contract {CLA Comdty CCRV <go>}
As shown in the chart above, the futures curve was in contango on 12/31/2015 with the May 2016 contract priced at a $2.94 premium over the Feb 2016 contract. Winding the clock forward by three months, we see that the current first nearby contract (May 2016), although $1.24 higher than the previous first nearby contract (Feb 2016), is far below the expectation projected on the last day of 2015, resulting in a loss for the futures investor. Grains (22.8% of BCOM) China will end its state corn stockpiling program this year, replacing it with other subsidies, amid surging reserves in the world’s second-biggest grower. The government will encourage state and private firms to buy corn at market prices and offer credit support to farmers, Xinhua reported Mar. 28, citing a press briefing by the National Development and Reform Commission. It will also promote changes in crop cultivation and move to reduce existing stockpiles. The changes will affect the 2016-17 season. China has about 1.4 billion mouths to feed and President Xi Jinping has singled out increasing agricultural output as among the country’s priorities. China has become the world’s largest importer of soybeans and purchases rose 14% to a record last year, customs data show. The country imports most of the soybeans it consumes, while rice and corn only represent about 2% of domestic usage, U.S. government data show. Heavy rain and flooding from Louisiana to southern Illinois and east to Ohio in early March probably damaged winter wheat, according to World Weather Inc. Freezing temperatures later in the month followed by dry, warm weather forecast into April may also stress plants in parts of the Great Plains. Abnormally dry ratings have increased in parts of Kansas, Oklahoma and Colorado, where hard red winter wheat is grown, U.S. Drought Monitor data showed.
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Global grain stockpiles remain ample, and hedge funds have held net-short positions in wheat futures and options. Bumper crops are set to boost European stockpiles to an eight-year high, clashing with expectations for reduced planting in the U.S. and the concerns about dry weather in the Great Plains. French milling wheat, which is usually more expensive than the comparable U.S. contract, is now trading at a discount.
Wheat exports from Argentina have been climbing since newly elected President Mauricio Macri eliminated most crop taxes and lifted four years of currency controls in December. A March USDA report boosted its estimate for Argentina wheat exports to 7 million tons, from 6.5 million, citing a stronger shipment pace.
U.S. farmers plan to sow 93.6 million acres of corn in 2016, exceeding all analyst estimates and boosting prospects for higher supplies after the harvest. Planting will rise 6.4% from a year earlier to the third-highest since 1994, according to the USDA. Farmers also told the government they intend to reduce soybean planting to 82.2 million acres, compared with 82.65 million in 2015.
Industrial Metals (17.5% of BCOM)
China's real copper demand may be half what the world thinks it is. Global copper demand may be 15% lower than expected. An analysis by Bloomberg Intelligence show that slow growth may mean that almost all of the increase in demand is due to financial carry trades using copper as the backing medium. China's carry trade -- which uses metals as collateral to finance deals -- inflated demand, kept prices higher and led miners to raise output. For more detail, run NSN O4SGDQ6TTDS2 <go> on your Bloomberg terminal.
Copper consumption, already falling outside of Asia, grew at the slowest pace since 2006 last year in China, according to the World Bureau of Metal Statistics.
Output is still increasing, with more than 4.5 million metric tons of new capacity planned to come online over the next four years, according to Bloomberg Intelligence estimates. Production has exceeded demand in 18 of 19 months through January, according to the World Bureau of Metals Statistics.
In the U.S., annual consumption of refined metal has fallen in five of the past 10 years and is 21% lower over that period, at 1.79 million tons, according to the World Bureau of Metal Statistics. Of the 18 end-use markets tracked by the Copper Development Association, the only gains from 2004 to 2014 were in power cable, automotive wire and transportation equipment. Excluding Asia, the combined consumption in the rest of the world shrank 20% in the past decade, data compiled by Bloomberg Intelligence shows. Even in China, Goldman Sachs is predicting zero growth this year. The Lisbon-based International Copper Study Group on March 10 forecast “essentially flat” global usage this year for refined copper, excluding stockpiling, even as output rises, creating a surplus through next year.
Aluminum extended declines after the world’s largest maker of the metal, China Hongqiao Group, said it will expand capacity by 16% this year. Bulls are fleeing the aluminum market as traders are holding the fewest bets on aluminum prices in more than eight years on the LME. A 7% slump in open interest in March coincided with the largest drop in prices in four months. That combination typically signals the closing out of bullish wagers. JPMorgan is recommending investors sell aluminum because smelters in China, the biggest producer, may resume production after cutbacks. Global inventories of the metal total a record high of more than 15 million metric tons, according to Macquarie.
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Aluminum Open Interest at 8-Year Low
Traders keep pulling material out of LME warehouses. The amount stored in depots tracked by LME has almost halved from a 2013 peak and is near a seven-year low. Copper and aluminum have accounted for the bulk of the decline. Inventories of aluminum are near a seven-year low and there will probably be more withdrawals. Orders to remove aluminum surged 26% on 17 March on requests to get the commodity out of depots in Vlissingen, and rose 14% on 18 March due to bookings in Detroit as the LME tightens warehousing rules to prevent queues from building and traders have been moving metal outside of the network to benefit from cheaper storage charges. Traders have been shifting copper from LME-tracked warehouses to China to take advantage of arbitrage opportunities, boosting the amount held in facilities monitored by the Shanghai Futures Exchange to a record. Reserves tracked by LME have declined to the lowest level in more than a year. The movement has also been spurred by traders purchasing metal priced in dollars as a currency hedge amid expectations of a weaker yuan. Prices for immediate delivery are at the highest premium since August to the benchmark contracts - one indication that supplies are limited.
Precious Metals (17% of BCOM)
Gold is the best-performing asset in the Bloomberg Commodity Index this year, with a return of 17% in Q1, after turbulent financial markets and weakening economies boosted demand for the metal as a haven. Flows into exchange-traded products backed by gold have been a significant source of demand, with holdings rising 21% to 1,761.3 metric tons after falling in 11 of the previous 12 quarters. The demand for gold ETFs have been so high that BlackRock temporarily stopped issuing new shares in its $7.4 billion iShares Gold Trust. Investors had piled into the fund so fast that the asset manager didn’t register in time with the SEC to issue more shares. The fund created more shares in February than at any time in the last decade and the fund has expanded by $1.4 billion so far this year.
Gold has rallied more than silver this year, stretching the price ratio between the two metals to about 80. That’s historically led to higher silver prices. The last three times that the ratio exceeded and then fell back below 80, silver then outperformed gold in the following two to three years.
The spread between gold and silver hasn’t been this great for more than seven years and with mine supplies forecast to contract this year that may be a sign it’s ready to come out of gold’s shadow. Mine production of silver may drop in 2016 for the first time in over a decade as about two-thirds of the world’s silver output is a byproduct scraped up when companies dig for base metals. As producers react to weak Chinese demand by slashing output of copper, zinc and lead, a side effect is silver prices are getting a boost as less of the precious metal is unearthed.
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Softs (7% of BCOM) The Bloomberg Sugar Index rose 6.9% in March and has climbed 12.7% in the past year. Sugar futures in New York rallied to a 17-month high in March as the strongest El Nino in two decades parched crops in China, India and Thailand, exacerbating a global deficit. The world market is heading for a second annual deficit, following half a decade of surpluses. Raw sugar production may fall by the most in seven years to 171.1 million tons in the 2015-16 season as droughts in Asia are reaching the “worst-case scenario,” researcher F.O. Licht estimates. World consumption will exceed production by 4.95 million tons of raw sugar in the 2016-17 season, 19% more than a January forecast, Green Pool Commodity Specialists said. The researcher also raised its estimate for the 2015-16 shortage to 6.65 million tons from 4.14 million tons previously. Coffee futures, mired in bearish territory for most of 2015, entered a bull market as adverse conditions from El Nino threaten to shrink output of premium arabica beans. Crop estimates from some analysts for Brazil, the top grower, and Colombia, the second-biggest, are falling after the weather pattern brought dry conditions and exacerbated the spread of plant disease. In 2014, futures soared 50% as drought ravaged Brazil. Inventories monitored by ICE Exchange have slumped to the lowest November 2011.
Livestock (5.8% of BCOM) Hedge funds are loading up with pork. With Americans expected to eat the most pork since 2007, money managers are now the most-bullish since 2014 on hog futures, which already are at a nine-month high (LHA Comdty COT <GO>). Demand at home and abroad is rising faster than U.S. farmers are boosting output. Pork remains a cheaper alternative to beef cuts that last year surged to records as supply shrank. The Bloomberg Lean Hogs Index returned 7.4% in Q1.
Beef is now so expensive in Argentina, which once was the third-largest exporter, that slaughtering plants are about to start importing cattle from neighboring countries for the first time in almost two decades. It’s a big switch for a population that eats more beef per person than any other and where the meat has become as much a part of their national identity. Rising costs have encouraged what was almost unthinkable a decade ago: beef demand is dropping, and consumers are substituting with cheaper chicken and pork.
Argentina’s cattle industry was upended by the end of price controls and a devaluation of the peso under newly elected President Mauricio Macri, who altered the policies of his predecessors to revive an economy hobbled by a government debt default. In December, the price of beef used for barbecues known as asados surged 28%. To ease the strain, Macri authorized imports of beef and cattle from neighbors like Uruguay.
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Composite Indices* Click hyperlinks to open in Bloomberg
2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year
Bloomberg Commodity ER BCOM 3.79% -1.65% 0.34% -10.55% -19.66% -42.66% -53.51% -52.28% -28.99%Bloomberg Commodity TR BCOMTR 3.82% -1.63% 0.42% -10.52% -19.56% -42.54% -53.35% -47.05% 13.56%
Bloomberg Commodity Spot BCOMSP 4.15% 0.84% 3.58% -7.16% -11.93% -35.96% -42.91% 11.87% 133.26%Bloomberg Roll Select BCOMRST 3.84% -0.84% 1.64% -9.39% -17.71% -39.17% -48.90% -21.61% 159.98%
1 Month Forward BCOMF1T 3.99% -1.25% 1.09% -9.53% -18.18% -39.58% -49.92% -33.67% 113.42% 2 Month Forward BCOMF2T 3.96% -1.12% 1.28% -9.47% -18.30% -40.15% -50.83% -31.74% 144.51% 3 Month Forward BCOMF3T 4.03% -0.97% 1.50% -8.70% -17.50% -38.64% -49.11% -23.68% 160.37% 4 Month Forward BCOMF4T 3.94% -0.84% 1.72% -8.06% -16.41% -37.10% -47.00% -15.73% 5 Month Forward BCOMF5T 3.95% -0.72% 1.80% -7.85% -16.11% -37.29% -46.94% -12.45% 6 Month Forward BCOMF6T 3.93% -0.56% 1.98% -7.70% -15.82% -36.76% -46.47% -8.39%
Energy BCOMENTR 7.84% -9.27% -9.31% -22.70% -39.61% -66.98% -74.80% -89.99% -51.69%Petroleum BCOMPETR 7.71% -3.22% -5.69% -23.12% -37.58% -67.05% -68.98% -75.35% 52.66%Agriculture BCOMAGTR 4.44% -2.78% 0.71% -2.17% -6.78% -31.71% -42.77% -1.38% -31.82%
Grains BCOMGRTR 2.35% -4.68% 0.12% -7.71% -12.13% -36.88% -39.25% 3.54% -46.01%Industrial Metals BCOMINTR 0.38% 3.35% 2.29% -8.25% -21.00% -34.72% -54.21% -34.63% 53.04%Precious Metals BCOMPRTR 0.98% 8.98% 15.29% -5.02% 0.77% -30.29% -30.92% 78.05% 204.58%
Softs BCOMSOTR 7.46% 1.97% -0.98% 11.18% 3.44% -31.08% -58.99% -40.66% -38.45%Livestock BCOMLITR -1.10% 0.93% 1.15% -3.45% -8.99% -5.58% -22.31% -43.87% -50.32%Ex-Energy BCOMXETR 2.12% 1.71% 4.54% -4.35% -8.73% -29.45% -41.26% 1.77% 21.84%
Ex-Petroleum BCOMXPET 2.65% -1.35% 1.55% -6.52% -13.91% -35.37% -49.86% -40.61%Ex-Agriculture BCOMXAGT 3.56% -1.14% 0.14% -14.12% -24.77% -47.38% -57.96% -61.59%
Ex-Grains BCOMXGRT 4.13% -0.97% 0.40% -11.12% -21.10% -43.95% -56.46% -56.57%Ex-Industrial Metals BCOMXIMT 4.55% -2.64% 0.00% -10.92% -19.32% -44.14% -53.32% -52.98%Ex-Precious Metals BCOMXPMT 4.40% -3.61% -2.40% -11.60% -23.18% -45.33% -57.17% -56.26%
Ex-Softs BCOMXSOT 3.55% -1.89% 0.56% -12.22% -21.28% -43.59% -53.08% -48.31%Ex-Livestock BCOMXLIT 4.13% -1.78% 0.38% -10.87% -20.07% -44.21% -54.77% -47.55%
Ex-Agriculture & Livestock BCOMXALT 3.99% -1.33% 0.06% -14.90% -25.86% -50.03% -60.21% -63.62%S&P 500 Total Return SPXT 6.78% -0.13% 1.35% 7.04% 1.78% 39.82% 72.95% 96.87% 364.10%
Bloomberg US Treasury Bond BUSY 0.15% 0.91% 3.18% -0.96% 2.25% 6.91% 20.00%Bloomberg USD IG Corporate Bond BUSC 2.87% 0.76% 3.93% -0.56% 0.84% 9.26% 28.66%Bloomberg USD HY Corporate Bond BUHY 4.57% 0.71% 3.69% -1.51% -2.49% 5.51% 26.03%
Bloomberg Dollar Spot BBDXY -3.85% -1.79% -4.08% 1.55% -1.53% 15.90% 24.62% 9.46%
Single Commodity Indices
2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year
Natural Gas BCOMNGTR 8.39% -25.78% -21.75% -22.00% -47.19% -70.25% -87.00% -99.13% -99.26%WTI Crude BCOMCLTR 7.79% -6.81% -11.51% -23.40% -42.16% -70.56% -75.85% -83.98% 7.36%
Brent Crude BCOMCOT 8.41% -0.65% -0.38% -26.46% -40.23% -70.11% -69.05% -64.54% 257.82%ULS Diesel BCOMHOTR 6.50% 0.59% 0.61% -31.09% -39.86% -64.80% -66.10% -66.55% 56.99%
Unleaded Gasoline BCOMRBTR 7.34% -5.75% -11.75% -8.67% -23.68% -58.38% -47.08% -41.04% 260.96%Corn BCOMCNTR -1.51% -5.29% -3.26% -9.55% -15.81% -52.60% -47.61% -25.84% -82.72%
Soybeans BCOMSYTR 5.81% -2.85% 4.96% -3.92% -5.31% -6.92% -2.64% 129.88% 239.23%Wheat BCOMWHTR 4.50% -6.27% -0.11% -8.88% -10.48% -41.49% -59.96% -59.11% -92.07%
Soybean Oil BCOMBOTR 10.88% -0.77% 10.52% 10.62% 8.58% -37.16% -51.80% -8.78% -34.34%Soybean Meal BCOMSMT 3.00% -4.35% 1.10% -14.35% -13.66% 14.87% 38.12% 310.11% 927.80%HRW Wheat BCOMKWT 4.13% -5.11% -0.43% -9.51% -24.62% -45.29% -63.60% -48.06% -73.05%
Copper BCOMHGTR 2.40% 3.05% 2.18% -9.17% -21.12% -37.22% -52.18% -12.81% 183.29%Alumnium BCOMALTR -3.85% 3.30% -0.13% -5.45% -19.69% -34.67% -58.05% -63.15% -44.33%
Zinc BCOMZSTR 2.84% 8.40% 12.40% -5.77% -14.94% -13.43% -35.65% -44.75% 17.35%Nickel BCOMNITR -0.52% -1.30% -4.12% -15.53% -32.48% -51.51% -69.75% -38.45% 77.92%Gold BCOMGCTR 0.03% 10.60% 16.49% -4.97% 4.06% -23.39% -16.27% 95.83% 198.40%Silver BCOMSITR 3.69% 4.61% 11.95% -5.18% -7.94% -47.33% -61.26% 20.59% 157.03%Sugar BCOMSBTR 6.92% 9.92% 1.36% 18.36% 17.24% -40.95% -54.35% -58.95% -4.75%Coffee BCOMKCTR 10.81% -2.84% -1.11% 1.46% -13.67% -30.64% -69.12% -51.76% -67.53%Cotton BCOMCTTR 3.46% -8.36% -8.39% 4.46% -9.53% -30.27% -60.58% -25.48% -81.55%
Live Cattle BCOMLCTR -1.90% 2.25% -2.43% 2.90% -15.80% 2.40% -13.89% -19.10% 2.62%Lean Hogs BCOMLHTR 0.00% -1.00% 7.38% -13.73% 4.05% -18.95% -35.85% -70.49% -86.73%
Index Name Ticker
Index Name Ticker
PERFORMANCE: Bloomberg Commodity Indices
2016
2016
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Composite Roll Select Indices* Click hyperlinks to open in Bloomberg
2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year
BCOM Roll Select BCOMRST 3.84% -0.84% 1.64% -9.39% -17.71% -39.17% -48.90% -21.61% 159.98%Roll Select Agriculture BCOMRAGT 4.71% -2.78% 0.87% -2.51% -7.66% -31.95% -40.51% 31.72% 22.68%
Roll Select Ex-Ags & Livestock BBURXALT 3.83% -0.10% 2.10% -13.04% -22.48% -45.47% -55.09% -45.81%Roll Select Grains BCOMRGRT 2.46% -4.54% -0.08% -7.88% -12.34% -38.29% -38.88% 40.08% -1.44%Roll Select Softs BCOMRSOT 8.35% 1.64% 0.19% 10.35% 0.49% -28.22% -54.53% -19.12% 13.05%
Roll Select Livestock BCOMRLIT -0.69% 1.05% -0.82% -3.73% -12.24% 0.76% -15.44% 6.71%Roll Select Energy BCOMRENT 7.17% -5.96% -4.19% -18.93% -32.79% -59.89% -67.53% -77.98%
Roll Select Ex-Energy BCOMRXET 2.34% 1.67% 4.37% -4.47% -9.27% -28.99% -39.43% 31.40%Roll Select Petroleum BCOMRPET 6.64% -2.00% -2.32% -18.48% -31.91% -61.25% -62.79% -50.78% 436.14%
Roll Select Industrial Metals BCOMRINT 0.56% 3.24% 2.05% -8.17% -20.60% -33.60% -52.76% -18.89% 134.55%Roll Select Precious Metals BCOMRPRT 1.01% 8.98% 15.27% -5.03% 0.77% -30.23% -30.63% 79.63% 213.10%
Single Commodity Roll Select Indices
2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year
Natural Gas RS BCOMRNGT 8.94% -16.89% -11.20% -20.56% -37.62% -59.26% -78.16% -96.85% -82.30%WTI Crude RS BCOMRCLT 6.49% -3.77% -2.46% -15.36% -29.82% -61.38% -65.57% -54.17% 498.52%
Brent Crude RS BCOMRCOT 6.48% -1.83% -2.81% -21.74% -36.76% -64.21% -64.29% -46.87% 546.45%ULS Diesel RS BCOMRHOT 6.50% 0.06% -0.31% -27.49% -36.29% -62.72% -65.26% -55.51% 221.46%
Unleaded Gasoline RS BCOMRRBT 7.55% 0.02% -2.85% -10.74% -23.01% -54.53% -47.51% -32.19% 530.43%Corn RS BCOMRCNT -1.54% -4.83% -3.81% -10.32% -16.54% -51.09% -48.84% -3.23% -68.61%
Soybeans RS BCOMRSYT 6.08% -2.85% 5.22% -3.90% -5.11% -12.87% 2.20% 166.63% 301.80%Wheat RS BCOMRWHT 4.65% -6.52% -0.50% -7.82% -10.19% -43.39% -60.21% -22.51% -64.78%
Soybean Oil RS BCOMRBOT 10.75% -0.77% 10.46% 10.56% 8.91% -35.65% -48.41% 9.46% 8.17%Soybean Meal RS BCOMRSMT 3.11% -4.35% 1.21% -14.38% -14.63% 11.19% 45.93% 377.09% 1078.29%HRW Wheat RS BCOMRKWT 4.26% -5.05% -0.28% -9.23% -23.29% -45.80% -61.68% -13.84% -37.70%
Copper RS BCOMRHGT 2.70% 2.83% 1.76% -9.34% -21.58% -38.07% -52.13% 1.29% 314.78%Alumnium RS BCOMRALT -3.85% 3.30% -0.13% -5.34% -17.66% -30.54% -54.81% -52.87% -12.18%
Zinc RS BCOMRZST 2.93% 8.35% 11.68% -5.26% -15.20% -12.34% -34.12% -28.20% 82.83%Nickel RS BCOMRNIT -0.30% -1.29% -3.92% -14.97% -32.04% -50.43% -68.57% -20.08% 202.57%Gold RS BCOMRGCT 0.07% 10.60% 16.53% -4.98% 4.08% -23.41% -16.19% 94.98% 199.59%Silver RS BCOMRSIT 3.70% 4.60% 11.81% -5.15% -7.97% -47.04% -60.65% 26.68% 184.28%Sugar RS BCOMRSBT 8.83% 9.09% 4.10% 16.60% 12.44% -35.74% -48.43% -35.48% 102.77%Coffee RS BCOMRKCT 10.51% -2.52% -1.08% 1.65% -14.60% -29.52% -67.71% -42.66% -45.41%Cotton RS BCOMRCTT 3.46% -8.25% -8.92% 5.29% -9.52% -28.49% -54.42% -4.31% -68.40%
Live Cattle RS BCOMRLCT -1.68% 2.26% -2.88% 2.24% -14.91% 0.91% -14.52% 16.65% 104.07%Lean Hogs RS BCOMRLHT 0.72% -0.70% 1.77% -13.68% -8.56% -2.93% -19.87% -16.31% 33.19%
PERFORMANCE: Bloomberg Commodity Roll Select Indices
Index Name Ticker
Index Name Ticker
2016
2016
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 Mar 2016 Contrib to Return %
Mar 31 2016 Weight
Feb 29 2016 Weight
Mar 2016 Weight Change
2016 Target Weight
Natural Gas NG 0.53 6.81% 6.55% 0.26% 8.45% WTI Crude CL 0.58 7.66% 7.41% 0.25% 7.47%
Brent Crude CO 0.65 8.35% 7.80% 0.55% 7.53% ULS Diesel HO 0.25 3.90% 3.81% 0.09% 3.83% Gasoline XB 0.30 4.28% 4.16% 0.12% 3.75%Subtotal 2.31 31.00% 29.73% 1.27% 31.03%
Corn C -0.11 6.90% 7.30% -0.40% 7.36% Soybeans S 0.31 5.66% 5.57% 0.09% 5.70%
Wheat W 0.14 3.21% 3.20% 0.01% 3.33% Soybean Oil BO 0.30 3.07% 2.89% 0.18% 2.84%
Soybean Meal SM 0.08 2.70% 2.73% -0.03% 2.84% HRW Wheat KW 0.05 1.12% 1.12% 0.00% 1.15%
Subtotal 0.77 22.66% 22.81% -0.15% 23.22% Copper HG 0.19 7.51% 7.65% -0.14% 7.63%
Aluminum LA -0.18 4.44% 4.78% -0.34% 4.60% Zinc LX 0.08 2.79% 2.82% -0.03% 2.53%
Nickel LN -0.01 2.19% 2.28% -0.09% 2.36%Subtotal 0.09 16.93% 17.53% -0.60% 17.11%
Gold GC 0.01 12.13% 12.63% -0.50% 11.38% Silver SI 0.16 4.39% 4.41% -0.02% 4.21%
Subtotal 0.17 16.52% 17.04% -0.52% 15.59% Sugar SB 0.24 3.64% 3.55% 0.09% 3.63% Coffee KC 0.23 2.30% 2.16% 0.14% 2.29% Cotton CT 0.04 1.33% 1.34% -0.01% 1.49%
Subtotal 0.51 7.27% 7.05% 0.22% 7.41% Live Cattle LC -0.06 3.05% 3.51% -0.46% 3.57% Lean Hogs LH 0.00 2.58% 2.33% 0.25% 2.06%
Subtotal -0.06 5.63% 5.84% -0.21% 5.63%Total 3.79 100% 100% 100%
Commodity Price ForecastsCPFC <GO>
Group Commodity Q2 16 Q3 16 Q4 16 Q1 17Forward 2.21 2.24 2.70 2.76Forecast 2.23 2.50 2.72 3.05Forward 41.36 41.36 42.98 44.16Forecast 36.00 42.00 46.00 45.00Forward 40.29 41.73 43.80 44.76Forecast 38.00 43.00 46.05 47.00Forward 120.32 126.38 121.98 121.98Forecast 114.00 119.00 119.00 119.00Forward 145.89 137.28 122.07 133.05Forecast 139.15 143.00 145.50Forward 369.32 376.87 385.53 384.00Forecast 361.00 370.00 380.00 376.00Forward 912.74 919.20 924.78 929.00Forecast 862.00 873.00 889.00 870.50Forward 467.87 482.81 517.25 518.98Forecast 472.00 483.50 496.50 500.00Forward 4,856 4,841 4,834 4,829Forecast 4,700 4,884 5,000 5,096Forward 1,515 1,529 1,541 1,553Forecast 1,550 1,581 1,613 1,610Forward 1,814 1,821 1,826 1,828Forecast 1,732 1,700 1,809 1,900Forward 8,477 8,518 8,555 8,587Forecast 9,000 9,250 9,750 10,200Forward 1,235 1,237 1,239 1,241Forecast 1,138 1,150 1,175 1,150Forward 15.48 15.53 15.59 15.64Forecast 14.85 14.90 15.10 15.33Forward 15.42 15.61 16.04 15.95Forecast 14.10 14.50 14.70 15.00Forward 128.43 131.14 133.12 134.79Forecast 120.75 123.00 126.25 127.60Forward 58.36 58.03 57.95 58.55Forecast 62.00 60.40 63.00 63.80
Energy
Livestock
Softs
Precious Metals
Industrial Metals
Grains
Coffee
Cotton
Zinc
Nickel
Gold
Silver
Sugar
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
11
Composite Indices
Bloomberg Commodity ER BCOM 15.67% 16.96% 15.64% 12.86% 13.94% 18.01% 16.05%Bloomberg Commodity TR BCOMTR 15.67% 16.96% 15.64% 12.86% 13.94% 18.01% 16.04%
Bloomberg Commodity Spot BCOMSP 15.64% 17.03% 15.73% 12.92% 13.98% 18.09% 16.14%Bloomberg Roll Select BCOMRST 14.59% 15.32% 14.43% 12.03% 13.14% 16.96% 14.65%
1 Month Forward BCOMF1T 15.05% 16.28% 15.29% 12.50% 13.63% 17.66% 15.49% 2 Month Forward BCOMF2T 14.98% 15.97% 14.97% 12.24% 13.38% 17.37% 14.97% 3 Month Forward BCOMF3T 14.71% 15.61% 14.65% 11.96% 13.16% 17.07% 14.54% 4 Month Forward BCOMF4T 14.55% 15.33% 14.38% 11.73% 12.93% 16.81% 5 Month Forward BCOMF5T 14.18% 14.93% 13.93% 11.35% 12.55% 16.32% 6 Month Forward BCOMF6T 14.18% 14.93% 13.93% 11.35% 12.55% 16.32%
Energy BCOMENTR 31.57% 45.35% 34.98% 27.20% 25.59% 29.18% 30.77%Petroleum BCOMPETR 37.44% 56.02% 43.52% 31.93% 29.54% 33.48% 33.28%Agriculture BCOMAGTR 10.10% 10.15% 14.92% 14.63% 16.83% 20.84% 18.37%
Grains BCOMGRTR 10.75% 11.92% 18.72% 18.56% 20.95% 25.09% 22.58%Industrial Metals BCOMINTR 21.24% 20.80% 19.69% 17.27% 19.38% 26.18% 22.37%Precious Metals BCOMPRTR 19.87% 20.93% 17.66% 20.00% 21.03% 23.36% 19.77%
Softs BCOMSOTR 21.57% 21.15% 20.57% 19.79% 20.05% 22.44% 20.67%Livestock BCOMLITR 12.10% 14.17% 16.80% 13.95% 13.52% 14.20% 14.51%Ex-Energy BCOMXETR 11.65% 9.55% 10.99% 10.90% 12.79% 16.72% 13.80%
Ex-Petroleum BCOMXPET 11.74% 10.08% 11.21% 10.93% 12.53% 16.51%Ex-Agriculture BCOMXAGT 20.60% 23.17% 19.75% 15.62% 16.10% 19.88%
Ex-Grains BCOMXGRT 11.65% 9.55% 10.99% 10.90% 12.79% 16.72%Ex-Industrial Metals BCOMXIMT 18.51% 20.25% 17.68% 14.12% 14.85% 18.70%Ex-Precious Metals BCOMXPMT 15.41% 17.91% 16.52% 13.75% 14.54% 18.21%
Ex-Softs BCOMXSOT 16.34% 19.99% 17.81% 14.10% 14.84% 18.98%Ex-Livestock BCOMXLIT 16.29% 17.84% 16.33% 13.43% 14.42% 18.56%
Ex-Agriculture & Livestock BCOMXALT 20.60% 23.17% 19.75% 15.62% 16.10% 19.88%S&P 500 Total Return Index SPXT 11.44% 18.53% 16.56% 13.51% 15.71% 20.90% 19.65%
Bloomberg US Treasury Bond Index BUSY 3.91% 3.86% 4.26% 3.95% 4.09%Bloomberg USD IG Corporate Bond Index BUSC 3.41% 3.53% 4.24% 4.15% 4.36%Bloomberg USD HY Corporate Bond Index BUHY 5.18% 6.45% 4.57% 3.63% 3.41%
Bloomberg U.S. Dollar Spot Index BBDXY 7.17% 6.94% 6.84% 6.20% 6.40% 7.10%
Single Commodity Indices
Natural Gas BCOMNGTR 33.01% 41.61% 37.74% 38.59% 38.79% 43.31% 46.83%WTI Crude BCOMCLTR 44.49% 60.80% 47.39% 35.48% 32.99% 35.88% 34.93%
Brent Crude BCOMCOT 38.83% 60.83% 45.79% 33.26% 30.13% 33.33% 32.40%ULS Diesel BCOMHOTR 35.42% 54.63% 40.70% 29.08% 26.59% 30.97% 32.64%
Unleaded Gasoline BCOMRBTR 31.87% 49.14% 42.43% 31.73% 29.50% 34.65% 34.35%Corn BCOMCNTR 17.23% 15.02% 21.41% 23.36% 26.24% 30.83% 26.89%
Soybeans BCOMSYTR 8.57% 10.83% 18.10% 19.27% 20.08% 24.57% 23.79%Wheat BCOMWHTR 20.19% 19.69% 27.33% 25.03% 28.92% 34.00% 29.72%
Soybean Oil BCOMBOTR 16.11% 16.28% 21.80% 19.72% 19.49% 23.95% 23.44%Soybean Meal BCOMSMT 13.64% 14.84% 19.97% 23.89% 24.18% 27.78% 26.55%HRW Wheat BCOMKWT 23.05% 21.85% 26.48% 23.55% 26.56% 30.93% 26.99%
Copper BCOMHGTR 21.65% 21.84% 22.38% 20.14% 22.55% 31.46% 27.79%Alumnium BCOMALTR 16.18% 18.04% 18.01% 17.31% 19.07% 23.85% 20.56%
Zinc BCOMZSTR 31.29% 31.34% 27.46% 20.99% 22.92% 34.41% 28.33%Nickel BCOMNITR 42.54% 37.58% 34.27% 28.23% 29.38% 39.30% 35.66%Gold BCOMGCTR 17.45% 19.79% 16.02% 18.06% 18.27% 20.34% 17.65%Silver BCOMSITR 29.68% 27.95% 26.01% 28.90% 33.33% 36.34% 30.64%Sugar BCOMSBTR 30.04% 34.77% 31.91% 24.89% 26.81% 33.28% 31.89%Coffee BCOMKCTR 27.05% 27.47% 30.48% 36.00% 33.60% 31.26% 36.68%Cotton BCOMCTTR 15.29% 15.49% 17.97% 18.84% 23.56% 27.09% 25.93%
Live Cattle BCOMLCTR 13.18% 15.95% 17.85% 14.44% 14.03% 14.26% 14.41%Lean Hogs BCOMLHTR 18.80% 20.69% 26.64% 22.51% 21.00% 22.58% 24.19%
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 10-Year 20-Year
20-Year
12
VOLATILITY: ImpliedVCA <GO> OVDV <GO>
TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%End of Mar 5% 46% -3% 2% 40% -1% 1% 39% -1%End of Feb 1% 50% 0% 1% 41% 0% 0% 36% 0%End of Mar 4% 43% -1% 1% 42% -2% 1% 40% -1%End of Feb 5% 59% -3% 3% 53% -2% 1% 48% -1%End of Mar 5% 40% 1% 2% 41% 0% 1% 41% 0%End of Feb 4% 59% -2% 2% 55% -2% 2% 50% -1%End of Mar 2% 37% -1% 1% 37% 0% 0% 36% 0%End of Feb 3% 48% -1% 1% 46% -1% 1% 41% 0%End of Mar 0% 39% 0% 0% 38% 0% 0% 42% 0%End of Feb 1% 45% 0% 0% 43% 0% 0% 42% 0%End of Mar 2% 17% 6% -3% 21% 3% -2% 25% 2%End of Feb 5% 13% 4% -2% 18% 3% -2% 23% 2%End of Mar 5% 13% 6% 0% 15% 3% 0% 16% 2%End of Feb 8% 11% 6% 2% 13% 2% 0% 16% 2%End of Mar -2% 22% 7% -3% 25% 3% -2% 25% 2%End of Feb 1% 18% 7% -2% 22% 3% -2% 25% 2%End of Mar 5% 19% 5% 1% 19% 2% 0% 18% 1%End of Feb 2% 16% 3% 1% 17% 2% 0% 17% 1%End of Mar 4% 18% 5% 1% 18% 2% 0% 19% 1%End of Feb 6% 14% 5% 1% 16% 2% 0% 19% 1%End of Mar -1% 22% 7% -3% 24% 3% -2% 25% 2%End of Feb 0% 17% 7% -3% 21% 3% -2% 24% 2%End of Mar 2% 21% -2% 1% 23% -1% 1% 23% -2%End of Feb 2% 22% -1% 1% 23% 0% 1% 23% -1%End of Mar 0 12% 0% 0% 15% 0% 0% 17% 0%End of Feb 0% 17% 0% 0% 17% 0% 0% 17% 0%End of Mar 0% 26% 0% 0% 26% 0% 0% 26% 0%End of Feb 0% 27% 0% 0% 27% 0% 0% 27% 0%End of Mar 0% 23% 0% 0% 28% 0% 0% 28% 0%End of Feb 0% 45% 0% 0% 42% 0% 0% 37% 0%End of Mar 0% 16% 1% 0% 17% 1% 0% 17% 0%End of Feb 0% 19% 1% 0% 19% 1% 0% 20% 0%End of Mar 2% 23% 5% 0% 25% 2% 0% 26% 2%End of Feb 2% 24% 3% 1% 25% 2% 0% 26% 1%End of Mar 0% 34% 3% -1% 31% 1% -1% 30% 1%End of Feb 0% 31% 3% -1% 29% 2% -1% 29% 1%End of Mar 0% 30% 4% -2% 30% 2% -2% 30% 2%End of Feb -1% 28% 4% -2% 28% 2% -2% 29% 2%End of Mar 5% 20% 5% 1% 20% 1% 1% 19% 1%End of Feb 2% 21% 1% 1% 20% 0% 0% 19% 0%End of Mar 11% 20% 4% 3% 17% -2% 3% 15% -2%End of Feb 5% 19% -1% 3% 18% -2% 3% 16% -2%End of Mar 8% 18% 3% 2% 20% -1% 2% 19% -2%End of Feb 5% 20% -2% 3% 21% -2% 2% 19% -2%
3M 6M
Corn
Soybeans
Wheat
1M
Live
stoc
k Live Cattle
Lean Hogs
Gra
ins
Prec
ious
M
etal
s Gold
Silver
Soft
s
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
rwar
d
Ener
gy
Petr
oleu
m
Agric
ultu
re
Grai
ns
Indu
stria
l M
etal
s
Prec
ious
M
etal
s
Soft
s
Liv e
stoc
k
Ex-E
nerg
y
Ex-A
gs &
Li
vest
ock
Bloomberg Commodity 99% 100% 100% 99% 90% 86% 53% 42% 63% 35% 36% 28% 76% 96%Roll Select 99% 100% 100% 100% 88% 85% 54% 43% 64% 37% 36% 27% 77% 95%
1 Month Forward 100% 100% 100% 99% 89% 86% 54% 42% 63% 36% 36% 28% 76% 96%3 Month Forward 100% 100% 100% 100% 88% 86% 54% 43% 64% 36% 36% 27% 77% 95%6 Month Forward 99% 100% 99% 100% 88% 86% 54% 43% 64% 36% 36% 27% 77% 95%
Energy 90% 88% 89% 88% 88% 96% 23% 15% 42% 13% 21% 19% 39% 94%Petroleum 86% 85% 86% 86% 86% 96% 24% 15% 41% 11% 23% 19% 38% 90%Agriculture 53% 54% 54% 54% 54% 23% 24% 93% 28% 7% 51% 18% 77% 27%
Grains 42% 43% 42% 43% 43% 15% 15% 93% 16% 3% 18% 12% 65% 17%Industrial Metals 63% 64% 63% 64% 64% 42% 41% 28% 16% 23% 26% 22% 70% 62%Precious Metals 35% 37% 36% 36% 36% 13% 11% 7% 3% 23% 6% 2% 53% 38%
Softs 36% 36% 36% 36% 36% 21% 23% 51% 18% 26% 6% 15% 46% 24%Livestock 28% 27% 28% 27% 27% 19% 19% 18% 12% 22% 2% 15% 32% 21%Ex-Energy 76% 77% 76% 77% 77% 39% 38% 77% 65% 70% 53% 46% 32% 60%
Ex-Agriculture & Livestock 96% 95% 96% 95% 95% 94% 90% 27% 17% 62% 38% 24% 21% 60%S&P 500 Total Return Index 38% 39% 38% 38% 39% 38% 42% 16% 9% 30% -4% 19% 20% 23% 37%
S&P Energy 64% 64% 64% 64% 64% 70% 72% 19% 9% 37% 8% 25% 18% 33% 67%S&P Financial 34% 35% 34% 35% 35% 36% 39% 17% 9% 28% -11% 21% 20% 20% 33%
S&P Health Care 19% 20% 19% 19% 20% 19% 22% 9% 5% 21% -8% 9% 11% 12% 18%S&P Consumer Discretionary 28% 29% 28% 29% 30% 28% 33% 16% 9% 24% -10% 20% 21% 18% 26%
S&P IT 31% 32% 31% 32% 33% 32% 35% 13% 9% 26% -4% 10% 17% 19% 31%S&P Utilities 14% 15% 14% 14% 15% 14% 16% 3% -3% 7% 10% 20% 8% 10% 15%
S&P Consumers Staples 27% 27% 26% 27% 27% 26% 27% 11% 5% 19% 1% 18% 18% 18% 26%S&P Industrials 38% 38% 38% 38% 39% 36% 39% 16% 10% 34% -2% 21% 20% 26% 37%
S&P Telecommunication 36% 36% 36% 36% 36% 34% 37% 16% 11% 23% 8% 17% 20% 25% 35%S&P Materials 52% 53% 52% 53% 54% 51% 53% 22% 13% 42% 6% 25% 22% 36% 52%
Bloomberg US Treasury -26% -26% -26% -26% -27% -29% -31% -17% -16% -22% 20% -6% -6% -13% -24%Bloomberg USD IG Corporate -20% -20% -20% -20% -20% -22% -24% -12% -14% -17% 17% 1% -2% -8% -19%Bloomberg USD HY Corporate 32% 33% 32% 32% 34% 32% 33% 16% 7% 29% -6% 23% 18% 22% 30%
Bloomberg U.S. Dollar Spot -35% -34% -35% -34% -33% -25% -21% -15% -9% -21% -42% -22% -9% -36% -35%EURUSD 13% 13% 13% 13% 12% 2% -2% 6% 5% 7% 43% 10% -3% 23% 13%JPYUSD -10% -10% -10% -10% -11% -16% -19% -12% -8% -12% 41% -7% -9% 3% -7%CADUSD 59% 58% 59% 58% 58% 55% 53% 17% 6% 41% 35% 29% 17% 43% 62%MXNUSD 52% 52% 52% 52% 52% 47% 47% 24% 11% 37% 20% 38% 20% 41% 51%GBPUSD 28% 28% 28% 28% 27% 18% 16% 12% 6% 22% 37% 16% 11% 32% 28%AUDUSD 49% 49% 49% 49% 49% 36% 35% 23% 13% 45% 36% 27% 18% 49% 47%CHFUSD 7% 7% 7% 6% 6% -2% -5% 0% -2% 1% 43% 6% -5% 16% 8%KRWUSD 40% 41% 40% 40% 41% 25% 24% 23% 11% 37% 38% 33% 11% 46% 38%CNYUSD 22% 22% 22% 22% 22% 14% 15% 24% 21% 20% 3% 8% 5% 25% 17%
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% 66% 57% 64% 53% 44% 23% 84% 94%Roll Select 99% 99% 100% 99% 79% 76% 66% 57% 66% 55% 45% 22% 85% 93%
1 Month Forward 100% 99% 100% 99% 80% 77% 66% 57% 65% 54% 45% 23% 85% 93%3 Month Forward 99% 100% 100% 100% 79% 77% 66% 57% 66% 55% 45% 22% 85% 93%6 Month Forward 99% 99% 99% 100% 77% 77% 65% 56% 67% 56% 45% 22% 86% 92%
Energy 81% 79% 80% 79% 77% 88% 27% 22% 35% 19% 21% 16% 37% 89%Petroleum 77% 76% 77% 77% 77% 88% 28% 21% 41% 23% 25% 16% 41% 83%Agriculture 66% 66% 66% 66% 65% 27% 28% 95% 30% 24% 54% 14% 80% 36%
Grains 57% 57% 57% 57% 56% 22% 21% 95% 21% 19% 26% 11% 71% 27%Industrial Metals 64% 66% 65% 66% 67% 35% 41% 30% 21% 43% 31% 13% 71% 66%Precious Metals 53% 55% 54% 55% 56% 19% 23% 24% 19% 43% 19% 5% 67% 55%
Softs 44% 45% 45% 45% 45% 21% 25% 54% 26% 31% 19% 12% 51% 30%Livestock 23% 22% 23% 22% 22% 16% 16% 14% 11% 13% 5% 12% 23% 17%Ex-Energy 84% 85% 85% 85% 86% 37% 41% 80% 71% 71% 67% 51% 23% 67%
Ex-Agriculture & Livestock 94% 93% 93% 93% 92% 89% 83% 36% 27% 66% 55% 30% 17% 67%S&P 500 Total Return Index 37% 37% 37% 38% 39% 33% 40% 19% 14% 39% 6% 20% 11% 29% 36%
S&P Energy 56% 56% 56% 56% 57% 57% 64% 25% 18% 42% 16% 26% 12% 37% 58%S&P Financial 31% 31% 31% 32% 33% 27% 34% 17% 11% 37% 1% 20% 8% 24% 30%
S&P Health Care 23% 24% 24% 25% 25% 20% 26% 13% 9% 28% 1% 14% 10% 19% 23%S&P Consumer Discretionary 29% 29% 29% 30% 30% 25% 32% 16% 12% 34% 0% 16% 11% 23% 28%
S&P IT 32% 32% 32% 33% 34% 27% 34% 17% 13% 36% 6% 16% 11% 26% 31%S&P Utilities 17% 18% 18% 18% 18% 16% 19% 9% 6% 16% 4% 13% 3% 13% 18%
S&P Consumers Staples 24% 24% 24% 25% 25% 21% 25% 12% 8% 26% 5% 14% 10% 19% 24%S&P Industrials 35% 35% 35% 36% 36% 29% 37% 19% 13% 40% 6% 20% 11% 28% 34%
S&P Telecommunication 23% 24% 23% 24% 25% 22% 27% 11% 7% 23% 4% 13% 8% 17% 24%S&P Materials 47% 47% 47% 48% 49% 39% 47% 24% 18% 46% 18% 24% 12% 39% 47%
Bloomberg US Treasury -22% -22% -23% -23% -23% -25% -28% -13% -11% -25% 11% -9% -6% -13% -22%Bloomberg USD IG Corporate -15% -14% -15% -15% -15% -19% -22% -8% -7% -17% 14% -4% -5% -6% -15%Bloomberg USD HY Corporate 25% 26% 26% 26% 27% 21% 26% 15% 11% 27% 5% 15% 9% 21% 24%
Bloomberg U.S. Dollar Spot -41% -42% -42% -42% -43% -28% -31% -24% -17% -33% -36% -28% -7% -40% -41%EURUSD 35% 36% 35% 36% 37% 20% 21% 19% 13% 35% 37% 22% 2% 37% 35%JPYUSD 3% 3% 2% 3% 3% -6% -6% 3% 3% -5% 28% 5% -4% 10% 2%CADUSD 53% 54% 54% 54% 55% 42% 48% 25% 17% 46% 36% 28% 13% 46% 54%MXNUSD 47% 48% 48% 48% 49% 35% 41% 25% 16% 46% 30% 31% 11% 44% 47%GBPUSD 33% 34% 34% 34% 35% 20% 23% 17% 12% 32% 35% 19% 8% 35% 34%AUDUSD 49% 50% 50% 51% 52% 32% 37% 28% 19% 47% 41% 30% 12% 49% 48%CHFUSD 21% 21% 21% 22% 22% 7% 7% 11% 8% 24% 33% 15% -3% 27% 22%KRWUSD 34% 35% 35% 35% 36% 21% 24% 21% 14% 34% 28% 22% 7% 36% 33%CNYUSD 11% 11% 11% 11% 11% 7% 7% 9% 9% 10% 4% 4% 2% 11% 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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Soyb
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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
nium
Zinc
Nic
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Gold
Silv
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Suga
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Coffe
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Cott
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Live
Cat
tle
Lean
Hog
s
Natural Gas 17% 17% 17% 10% 6% 4% 7% 10% -1% 5% 15% 15% 10% 11% 10% 11% 2% 6% -3% 10% 5%WTI Crude 17% 96% 93% 84% 15% 19% 4% 40% 3% 7% 42% 30% 23% 34% 3% 22% 14% 29% 15% 20% 12%
Brent Crude 17% 96% 96% 87% 16% 18% 3% 38% 3% 6% 42% 30% 23% 33% 2% 21% 9% 28% 15% 18% 9%ULS Diesel 17% 93% 96% 83% 15% 19% 4% 36% 4% 6% 39% 29% 22% 29% 6% 23% 9% 26% 14% 16% 12%
Unleaded Gasoline 10% 84% 87% 83% 12% 14% 1% 34% -1% 5% 38% 27% 20% 26% 3% 19% 5% 19% 16% 11% 9%Corn 6% 15% 16% 15% 12% 65% 67% 35% 56% 64% 15% 5% 2% 13% -5% 3% 9% 19% 9% 8% 9%
Soybeans 4% 19% 18% 19% 14% 65% 41% 58% 86% 40% 29% 22% 17% 28% 1% 20% 6% 30% 20% 14% 12%Wheat 7% 4% 3% 4% 1% 67% 41% 20% 36% 95% 7% -6% -4% 1% 3% 4% 2% 21% 10% 3% 4%
Soybean Oil 10% 40% 38% 36% 34% 35% 58% 20% 19% 19% 36% 33% 27% 32% 13% 34% 4% 34% 26% 23% 12%Soybean Meal -1% 3% 3% 4% -1% 56% 86% 36% 19% 34% 19% 11% 10% 15% -4% 7% 3% 18% 10% 4% 7%HRW Wheat 5% 7% 6% 6% 5% 64% 40% 95% 19% 34% 7% -5% -5% 3% 3% 4% 1% 19% 9% 5% 6%
Copper 15% 42% 42% 39% 38% 15% 29% 7% 36% 19% 7% 58% 64% 65% 12% 34% 17% 23% 21% 21% 17%Alumnium 15% 30% 30% 29% 27% 5% 22% -6% 33% 11% -5% 58% 60% 55% 9% 25% 5% 18% 17% 18% 12%
Zinc 10% 23% 23% 22% 20% 2% 17% -4% 27% 10% -5% 64% 60% 53% 23% 33% 13% 17% 11% 9% 12%Nickel 11% 34% 33% 29% 26% 13% 28% 1% 32% 15% 3% 65% 55% 53% 4% 24% 11% 19% 20% 8% 4%Gold 10% 3% 2% 6% 3% -5% 1% 3% 13% -4% 3% 12% 9% 23% 4% 78% -1% 1% -1% -5% 2%Silver 11% 22% 21% 23% 19% 3% 20% 4% 34% 7% 4% 34% 25% 33% 24% 78% 10% 16% 11% 7% 3%Sugar 2% 14% 9% 9% 5% 9% 6% 2% 4% 3% 1% 17% 5% 13% 11% -1% 10% 20% 8% 6% 9%Coffee 6% 29% 28% 26% 19% 19% 30% 21% 34% 18% 19% 23% 18% 17% 19% 1% 16% 20% 17% 9% 7%Cotton -3% 15% 15% 14% 16% 9% 20% 10% 26% 10% 9% 21% 17% 11% 20% -1% 11% 8% 17% 13% 6%
Live Cattle 10% 20% 18% 16% 11% 8% 14% 3% 23% 4% 5% 21% 18% 9% 8% -5% 7% 6% 9% 13% 28%Lean Hogs 5% 12% 9% 12% 9% 9% 12% 4% 12% 7% 6% 17% 12% 12% 4% 2% 3% 9% 7% 6% 28%
S&P 500 Total Return Index 3% 42% 43% 40% 36% 10% 13% 1% 19% 3% 3% 29% 20% 19% 33% -12% 9% 6% 26% 17% 24% 6%S&P Energy 16% 72% 71% 69% 61% 10% 12% 0% 28% -3% 6% 37% 28% 22% 34% 0% 21% 13% 28% 15% 21% 6%
S&P Financial 3% 39% 40% 37% 33% 10% 14% -1% 18% 4% 3% 26% 20% 16% 33% -18% 5% 8% 26% 16% 26% 3%S&P Health Care -3% 21% 23% 21% 18% 6% 9% 0% 11% 2% 1% 19% 17% 14% 23% -13% 1% 1% 14% 11% 15% 2%
S&P Consumer Discretionary -4% 32% 33% 31% 28% 10% 12% 2% 15% 4% 3% 23% 17% 13% 28% -17% 2% 8% 26% 17% 22% 10%S&P IT 0% 34% 36% 33% 32% 9% 13% 1% 19% 3% 4% 24% 17% 19% 30% -10% 6% -2% 22% 14% 21% 4%
S&P Utilities 0% 15% 17% 17% 12% -4% -1% -3% 0% -5% -3% 9% -1% 3% 9% 7% 14% 8% 23% 19% 12% 1%S&P Consumers Staples 7% 27% 28% 26% 22% 6% 8% -1% 11% 1% 1% 20% 11% 11% 21% -5% 12% 7% 21% 18% 24% 4%
S&P Industrials 3% 40% 40% 37% 34% 10% 11% 3% 17% 2% 5% 35% 20% 22% 34% -10% 12% 9% 27% 13% 23% 8%S&P Telecommunication 4% 36% 38% 37% 30% 11% 13% 3% 15% 3% 6% 24% 15% 14% 23% 2% 16% 3% 25% 24% 27% 4%
S&P Materials 9% 54% 53% 51% 44% 13% 17% 2% 26% 5% 4% 42% 28% 26% 38% -3% 21% 12% 30% 17% 25% 8%Bloomberg US Treasury -1% -33% -32% -29% -24% -16% -16% -7% -13% -14% -8% -24% -17% -6% -22% 25% 8% 3% -19% -6% -7% -1%
Bloomberg USD IG Corporate 0% -26% -25% -23% -18% -15% -12% -8% -9% -11% -7% -18% -14% -1% -17% 20% 9% 8% -12% -2% -1% -2%Bloomberg USD HY Corporate 4% 34% 35% 33% 24% 4% 15% 2% 15% 10% 3% 27% 21% 22% 22% -13% 7% 13% 24% 14% 27% 0%
Bloomberg U.S. Dollar Spot -21% -23% -19% -21% -15% -6% -5% -13% -9% -1% -10% -23% -14% -15% -10% -41% -37% -13% -21% -17% -3% -12%EURUSD 14% 0% -4% -1% -5% 3% -2% 11% 2% -3% 9% 10% 3% 5% 0% 45% 34% 4% 9% 15% -10% 5%JPYUSD 1% -19% -20% -17% -14% -9% -15% 3% -19% -7% 3% -10% -8% -6% -18% 49% 21% -3% -8% -9% -16% 4%CADUSD 21% 55% 52% 51% 42% 2% 10% 4% 25% -1% 4% 38% 31% 32% 32% 29% 41% 18% 28% 14% 16% 10%MXNUSD 14% 49% 47% 44% 38% 7% 18% 4% 22% 10% 5% 36% 25% 28% 34% 11% 31% 27% 32% 12% 20% 11%GBPUSD 15% 19% 14% 13% 11% 3% 8% 5% 9% 5% 1% 24% 16% 18% 9% 34% 36% 7% 16% 15% 11% 7%AUDUSD 13% 35% 34% 34% 30% 9% 19% 7% 24% 12% 7% 44% 31% 40% 29% 30% 42% 14% 31% 13% 17% 12%CHFUSD 8% -2% -7% -5% -8% -4% -7% 7% 3% -9% 5% 3% -1% 4% -5% 46% 31% 5% 0% 10% -12% 5%KRWUSD 13% 26% 23% 22% 19% 9% 13% 8% 19% 8% 6% 35% 23% 34% 28% 32% 44% 25% 29% 7% 10% 8%CNYUSD 2% 17% 15% 15% 6% 19% 24% 12% 19% 23% 11% 17% 15% 17% 18% 0% 9% -1% 22% 6% 6% 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
Soyb
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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
kel
Gold
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 15% 14% 15% 12% 11% 5% 9% 7% 4% 9% 2% 6% 0% 2% 1% 4% 3% 3% -1% 5% 5%WTI Crude 15% 92% 88% 82% 17% 23% 13% 37% 12% 15% 42% 35% 31% 31% 18% 30% 19% 19% 20% 16% 11%
Brent Crude 14% 92% 96% 89% 16% 21% 13% 36% 11% 15% 38% 30% 27% 28% 15% 27% 16% 16% 19% 14% 9%ULS Diesel 15% 88% 96% 86% 16% 22% 12% 35% 13% 14% 36% 29% 26% 27% 16% 27% 16% 17% 19% 13% 10%
Unleaded Gasoline 12% 82% 89% 86% 15% 19% 11% 34% 9% 13% 34% 28% 25% 25% 16% 28% 13% 13% 17% 12% 7%Corn 11% 17% 16% 16% 15% 60% 70% 41% 53% 65% 14% 13% 10% 14% 12% 17% 17% 12% 17% 12% 6%
Soybeans 5% 23% 21% 22% 19% 60% 47% 66% 91% 45% 25% 21% 20% 20% 16% 24% 18% 13% 19% 10% 5%Wheat 9% 13% 13% 12% 11% 70% 47% 35% 41% 94% 14% 11% 10% 13% 13% 16% 17% 15% 20% 9% 2%
Soybean Oil 7% 37% 36% 35% 34% 41% 66% 35% 38% 33% 32% 28% 29% 25% 21% 31% 15% 18% 23% 15% 8%Soybean Meal 4% 12% 11% 13% 9% 53% 91% 41% 38% 39% 17% 13% 12% 11% 11% 16% 14% 8% 12% 5% 2%HRW Wheat 9% 15% 15% 14% 13% 65% 45% 94% 33% 39% 13% 10% 8% 13% 11% 14% 15% 13% 18% 9% 3%
Copper 2% 42% 38% 36% 34% 14% 25% 14% 32% 17% 13% 66% 71% 60% 36% 50% 21% 19% 23% 12% 10%Alumnium 6% 35% 30% 29% 28% 13% 21% 11% 28% 13% 10% 66% 69% 56% 30% 41% 18% 16% 18% 10% 7%
Zinc 0% 31% 27% 26% 25% 10% 20% 10% 29% 12% 8% 71% 69% 57% 30% 41% 20% 16% 16% 9% 8%Nickel 2% 31% 28% 27% 25% 14% 20% 13% 25% 11% 13% 60% 56% 57% 21% 31% 21% 15% 22% 7% 5%Gold 1% 18% 15% 16% 16% 12% 16% 13% 21% 11% 11% 36% 30% 30% 21% 82% 9% 14% 10% 4% 1%Silver 4% 30% 27% 27% 28% 17% 24% 16% 31% 16% 14% 50% 41% 41% 31% 82% 15% 20% 16% 8% 4%Sugar 3% 19% 16% 16% 13% 17% 18% 17% 15% 14% 15% 21% 18% 20% 21% 9% 15% 24% 15% 9% 8%Coffee 3% 19% 16% 17% 13% 12% 13% 15% 18% 8% 13% 19% 16% 16% 15% 14% 20% 24% 11% 6% 7%Cotton -1% 20% 19% 19% 17% 17% 19% 20% 23% 12% 18% 23% 18% 16% 22% 10% 16% 15% 11% 8% 4%
Live Cattle 5% 16% 14% 13% 12% 12% 10% 9% 15% 5% 9% 12% 10% 9% 7% 4% 8% 9% 6% 8% 32%Lean Hogs 5% 11% 9% 10% 7% 6% 5% 2% 8% 2% 3% 10% 7% 8% 5% 1% 4% 8% 7% 4% 32%
S&P 500 Total Return Index 1% 40% 38% 35% 34% 10% 16% 9% 21% 10% 11% 40% 30% 29% 29% 1% 14% 15% 12% 20% 13% 5%S&P Energy 12% 64% 61% 59% 54% 14% 19% 13% 28% 10% 15% 43% 33% 32% 31% 11% 24% 21% 16% 21% 13% 6%
S&P Financial 0% 34% 32% 30% 28% 8% 14% 8% 19% 8% 10% 38% 28% 27% 28% -4% 10% 15% 11% 19% 10% 3%S&P Health Care -1% 26% 25% 22% 21% 7% 12% 5% 14% 8% 7% 28% 23% 21% 21% -2% 8% 10% 8% 15% 11% 4%
S&P Consumer Discretionary -1% 32% 31% 28% 27% 9% 14% 9% 18% 9% 10% 34% 26% 24% 27% -5% 8% 12% 9% 17% 13% 4%S&P IT -1% 34% 32% 30% 30% 10% 16% 7% 20% 9% 9% 36% 28% 28% 27% 1% 13% 11% 10% 18% 13% 5%
S&P Utilities 3% 19% 18% 16% 15% 4% 6% 6% 7% 3% 8% 18% 10% 12% 10% 4% 6% 12% 5% 14% 5% -1%S&P Consumers Staples 1% 26% 25% 23% 21% 6% 10% 5% 13% 6% 7% 27% 19% 19% 20% 1% 10% 11% 5% 16% 11% 5%
S&P Industrials 0% 37% 34% 31% 31% 10% 16% 9% 20% 11% 11% 41% 31% 30% 29% 1% 14% 15% 11% 18% 12% 5%S&P Telecommunication 1% 26% 26% 25% 23% 5% 9% 5% 11% 5% 6% 24% 19% 18% 16% 2% 8% 10% 7% 14% 10% 3%
S&P Materials 3% 47% 45% 42% 40% 14% 19% 12% 25% 11% 15% 47% 36% 35% 33% 13% 25% 18% 15% 21% 14% 6%Bloomberg US Treasury -4% -29% -27% -25% -24% -7% -13% -7% -17% -8% -9% -27% -19% -17% -17% 17% 1% -5% -6% -11% -5% -5%
Bloomberg USD IG Corporate -3% -23% -21% -19% -18% -5% -9% -5% -12% -5% -6% -18% -13% -10% -11% 19% 6% -2% -3% -6% -3% -5%Bloomberg USD HY Corporate 0% 25% 27% 25% 20% 9% 14% 4% 17% 10% 5% 26% 21% 22% 21% 1% 11% 10% 10% 14% 11% 3%
Bloomberg U.S. Dollar Spot -7% -32% -29% -28% -25% -12% -16% -15% -19% -12% -15% -35% -27% -25% -20% -35% -34% -18% -21% -21% -5% -7%EURUSD 7% 23% 18% 19% 17% 9% 13% 14% 16% 9% 14% 35% 29% 26% 21% 35% 35% 14% 16% 19% -2% 5%JPYUSD -2% -6% -7% -5% -4% 3% 0% 5% -7% 5% 4% -5% -2% -4% -7% 31% 18% 2% 6% 0% -4% -2%CADUSD 7% 49% 46% 44% 39% 11% 20% 12% 29% 13% 12% 45% 36% 37% 33% 32% 38% 17% 23% 21% 11% 10%MXNUSD 4% 42% 39% 36% 34% 12% 20% 12% 25% 14% 13% 45% 37% 36% 34% 27% 33% 22% 21% 23% 10% 7%GBPUSD 3% 25% 21% 20% 17% 7% 13% 11% 15% 10% 10% 32% 27% 25% 20% 33% 34% 11% 15% 15% 8% 6%AUDUSD 3% 38% 35% 34% 31% 12% 24% 14% 28% 18% 15% 47% 35% 39% 34% 38% 41% 20% 23% 23% 11% 10%CHFUSD 3% 8% 6% 6% 5% 5% 5% 10% 10% 3% 9% 24% 22% 16% 14% 34% 28% 12% 8% 10% -7% 3%KRWUSD 3% 25% 22% 23% 20% 10% 17% 11% 21% 13% 11% 33% 27% 30% 26% 26% 28% 14% 17% 16% 6% 7%CNYUSD 3% 7% 7% 7% 3% 8% 8% 6% 9% 5% 8% 9% 8% 8% 11% 3% 5% -1% 7% 4% 3% 0%
Curr
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CORRELATION: BCOM Singles vs. Equities vs. Bond vs. Currency
5-Year
Com
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Bloomberg Commodity 62% -10% 25% 27% 4% 63% 60% 64% 59% 23% 1% 36% -5% -6% -19% 8% 15%Energy 65% -20% 17% 20% -4% 74% 74% 75% 73% 20% 4% 29% 0% -24% -27% -5% -4%
Petroleum 72% -8% 14% 16% -4% 78% 78% 80% 78% 5% 2% 6% 6% -13% -28% 1% 5%Agriculture 19% -9% 11% 11% 5% 19% 16% 10% 16% 13% -12% 35% -24% 9% -4% 9% 25%
Grains 10% -8% 7% 7% 6% 10% 8% 3% 9% 8% -15% 30% -20% 7% -7% 14% 18%Industrial Metals 41% 12% 6% 8% -5% 38% 36% 43% 36% -3% 3% -7% 4% 13% 5% 11% 15%Precious Metals 32% 19% 41% 39% 22% 19% 12% 27% 12% 17% 13% 15% 21% 8% -9% 20% 9%
Softs 22% -11% 24% 24% 9% 22% 19% 16% 19% 24% 5% 33% -25% 8% 4% -3% 30%Livestock 19% 4% 22% 22% 9% 17% 14% 12% 15% 20% 0% 34% 2% 6% -1% 18% 8%
Natural Gas 10% -30% 14% 16% -3% 19% 17% 14% 17% 39% 5% 59% -14% -29% -6% -15% -15%WTI Crude 66% -9% 13% 15% -1% 72% 73% 72% 72% 7% 4% 8% 1% -10% -27% 5% 4%
Brent Crude 75% -7% 20% 23% -4% 79% 79% 83% 78% 7% 4% 7% 13% -17% -33% -2% 5%ULS Diesel 72% -12% 23% 25% 1% 77% 76% 85% 75% 7% 5% 8% 10% -21% -30% -5% 3%
Unleaded Gasoline 81% -1% 13% 16% -5% 85% 86% 78% 86% -2% -3% 1% 10% -7% -25% -5% 13%Corn 12% -7% 15% 14% 10% 10% 7% 7% 8% 9% -15% 31% -13% 1% -13% 13% 18%
Soybeans 18% -3% -3% -2% -6% 19% 17% 11% 17% 5% -9% 19% -19% 12% -3% 13% 20%Wheat -4% -12% 0% -2% 8% -2% -3% -14% -2% 5% -20% 31% -30% 9% 0% 10% 11%
Soybean Oil 26% 14% -8% -8% -3% 22% 19% 11% 20% 1% -14% 16% -1% 21% 1% 2% 32%Soybean Meal 13% -10% 3% 5% -4% 16% 15% 12% 15% 5% -5% 14% -25% 8% 0% 10% 14%HRW Wheat 7% -11% 10% 8% 10% 7% 5% -2% 5% 17% -12% 42% -21% 3% -11% 9% 13%
Copper 41% 16% -5% -4% -5% 39% 38% 47% 38% -7% 3% -14% 9% 15% 5% 14% 11%Alumnium 37% -2% 13% 13% 6% 34% 33% 32% 33% -10% -8% -6% 4% -6% -2% 1% 5%
Zinc 29% 16% -3% 0% -16% 25% 23% 33% 23% 1% 10% -7% 4% 17% 12% 12% 17%Nickel 30% 6% 25% 29% -5% 27% 24% 31% 25% 14% 9% 14% -10% 18% 3% 7% 24%Gold 24% 26% 42% 41% 24% 9% 3% 19% 3% 16% 10% 17% 28% 10% -6% 22% 9%Silver 41% 7% 32% 32% 14% 32% 25% 36% 24% 17% 16% 10% 8% 3% -12% 15% 9%Sugar 3% 11% 1% 0% 4% 2% 3% -1% 3% 3% 1% 4% -3% 18% 7% 5% 29%Coffee 21% -13% 44% 44% 17% 19% 13% 10% 14% 39% 12% 51% -18% -3% 6% -8% 7%Cotton 21% -27% -2% 0% -11% 26% 24% 30% 24% 6% -3% 13% -35% -3% -6% -6% 21%
Live Cattle 24% -6% 15% 15% 5% 26% 25% 26% 25% 12% 11% 8% -4% -3% -1% 13% 3%Lean Hogs 8% 12% 22% 22% 8% 4% 1% -3% 2% 21% -7% 44% 7% 11% -1% 16% 8%
S&P 500 Total Return Index 26% -39% -27% -23% -25% 39% 40% 35% 40% 5% 8% -1% -28% -26% -11% -11% -18%Bloomberg US Treasury -34% 12% 33% 29% 31% -43% -45% -36% -45% 11% 8% 8% 28% -10% -12% 8% -8%
Bloomberg USD IG Corporate -4% -7% 22% 19% 22% -5% -8% 5% -8% 17% 10% 16% 20% -27% -20% -8% -16%Bloomberg USD HY Corporate 40% -21% -5% -3% -8% 49% 50% 58% 50% 7% 1% 11% 5% -29% -28% -16% -12%
Bloomberg U.S. Dollar Spot -55% -8% -26% -27% -6% -50% -46% -45% -45% -15% -5% -20% -18% 4% 18% 6% -12%
All i
tem
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Core
Food
Food
at h
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Food
aw
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hom
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Ener
gy
Ener
gy
Com
mod
ities
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
i cal
car
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Tran
spor
tatio
n
Bloomberg Commodity 68% 6% 6% 10% -12% 69% 67% 66% 66% 31% -1% 40% 2% 9% 1% 8% 19%Energy 68% 1% 12% 16% -9% 72% 70% 69% 68% 38% 0% 48% 0% 4% -1% 2% 13%
Petroleum 72% 5% 11% 14% -7% 75% 76% 72% 75% 23% 2% 29% 4% 6% -2% 5% 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% -1% 10% 9% 8% 10%Industrial Metals 43% 7% -9% -6% -14% 44% 44% 43% 44% 11% 1% 14% 5% 6% -1% 8% 10%Precious Metals 30% 5% 1% 1% 0% 28% 26% 27% 25% 11% 7% 11% 5% 5% -6% 15% 16%
Softs 27% 4% -6% -3% -13% 28% 27% 21% 27% 11% -2% 15% 4% 1% -5% 4% 20%Livestock 15% -3% 18% 22% -8% 13% 10% 9% 10% 16% 7% 16% -12% 7% 5% 10% 2%
Natural Gas 36% -6% 9% 14% -12% 39% 33% 37% 32% 47% -4% 61% -3% -2% -2% -8% 3%WTI Crude 67% 6% 12% 14% -5% 70% 71% 68% 70% 21% 3% 27% 2% 8% 0% 7% 16%
Brent Crude 71% 6% 12% 14% -7% 73% 74% 70% 73% 18% 3% 23% 6% 6% -1% 5% 15%ULS Diesel 70% 2% 15% 17% -4% 73% 72% 77% 71% 27% 3% 33% 4% 2% -5% 2% 17%
Unleaded Gasoline 79% 4% 5% 9% -11% 82% 84% 67% 83% 21% -2% 27% 6% 2% -4% 0% 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% 11% 14% 3%
Soybean Oil 30% 15% -3% -2% -6% 25% 24% 23% 24% 4% -3% 8% 4% 16% 11% 10% 15%Soybean Meal 17% 2% 0% 1% -6% 16% 17% 16% 17% 1% 6% -1% -3% 6% 4% 4% 13%HRW Wheat 22% 8% 0% -1% 3% 21% 21% 16% 21% 7% -2% 11% 1% 9% 8% 14% 2%
Copper 43% 10% -12% -10% -11% 43% 44% 41% 43% 8% 0% 10% 10% 5% -3% 9% 12%Alumnium 41% 5% 0% 3% -9% 41% 40% 45% 39% 19% 3% 22% 1% 5% 3% 3% 7%
Zinc 24% 7% -18% -17% -16% 26% 27% 22% 27% 1% 0% 1% 9% 2% 0% 3% 2%Nickel 32% -4% -4% 0% -18% 36% 37% 31% 37% 4% -2% 8% -10% 4% -3% 11% 8%Gold 28% 4% 6% 5% 5% 25% 23% 24% 23% 12% 10% 10% 4% 6% -6% 14% 16%Silver 29% 6% -6% -5% -7% 27% 25% 27% 25% 9% 2% 10% 6% 3% -5% 13% 12%Sugar 18% 8% -7% -6% -5% 18% 16% 12% 16% 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% 30% 32% 29% 8% -6% 12% 0% -8% -11% 1% 19%
Live Cattle 20% -6% 20% 24% -9% 19% 17% 12% 17% 15% 10% 13% -15% 8% 8% 10% 1%Lean Hogs 5% -2% 12% 14% -6% 3% 1% 3% 1% 11% 4% 14% -7% 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
nesia
Turk
ey
Net
herla
nds
Switz
erla
nd
Bloomberg Commodity 62% 70% -4% 63% 76% 56% 39% -50% 45% 63% 70% 84% 36% 65% -44% -13% -36% 51% 87%Energy 65% 45% 16% 62% 68% 44% 50% -71% 31% 34% 41% 76% 62% 47% -71% 0% -6% 54% 84%
Petroleum 72% 58% -3% 82% 82% 70% 62% -80% 60% 42% 60% 69% 60% 67% -82% -19% 2% 68% 76%Agriculture 19% 66% -30% 51% 63% 52% 33% -26% 47% 57% 66% 61% 14% 68% -22% -21% -53% 41% 66%
Grains 10% 51% -48% 54% 58% 54% 42% -27% 56% 35% 55% 39% 20% 75% -22% -33% -51% 51% 46%Industrial Metals 41% 48% 25% 26% 40% 19% 12% -31% 8% 50% 43% 64% 21% 32% -7% 5% -39% 19% 79%Precious Metals 32% 77% -36% 51% 65% 65% 9% -6% 61% 77% 87% 54% -10% 64% -9% -47% -26% 37% 33%
Softs 22% 74% 5% 34% 57% 38% 6% -14% 24% 81% 70% 78% -3% 39% -13% 0% -39% 14% 76%Livestock 19% 21% 60% 19% 30% 14% -3% -53% -1% 42% 23% 59% 46% 1% -42% 16% 13% -1% 69%
Natural Gas 10% 2% 48% -9% 8% -27% 4% -18% -41% 5% -12% 56% 31% -18% -17% 40% -15% 0% 58%WTI Crude 66% 50% 11% 74% 74% 60% 55% -81% 48% 39% 51% 68% 62% 54% -80% -7% 7% 58% 78%
Brent Crude 75% 70% -9% 86% 89% 76% 60% -75% 66% 52% 71% 75% 53% 72% -78% -23% -4% 70% 76%ULS Diesel 72% 75% -16% 89% 92% 80% 59% -72% 70% 56% 76% 77% 48% 79% -72% -23% -11% 73% 76%
Unleaded Gasoline 81% 69% -27% 91% 91% 81% 66% -67% 75% 49% 73% 68% 48% 84% -78% -40% -7% 80% 66%Corn 12% 62% -63% 57% 64% 61% 38% -14% 64% 43% 67% 39% 8% 80% -15% -42% -51% 57% 34%
Soybeans 18% 45% -17% 57% 58% 49% 52% -52% 47% 31% 45% 47% 39% 65% -45% -14% -40% 47% 68%Wheat -4% 9% -39% 15% 15% 13% 26% -4% 20% 1% 12% 6% 9% 44% 6% -17% -55% 21% 24%
Soybean Oil 26% 80% -52% 55% 67% 61% 31% -6% 58% 64% 79% 52% -12% 73% -15% -31% -49% 46% 47%Soybean Meal 13% 10% 1% 36% 28% 27% 38% -55% 29% 5% 14% 20% 47% 43% -34% -5% -30% 28% 51%HRW Wheat 7% 45% -22% 39% 50% 36% 33% -29% 34% 39% 46% 51% 23% 60% -15% -14% -56% 35% 64%
Copper 41% 64% -5% 48% 58% 41% 30% -35% 32% 53% 59% 66% 19% 57% -19% -5% -48% 41% 79%Alumnium 37% 46% 21% 12% 31% 10% -5% -10% 0% 52% 40% 56% 1% 21% 14% 7% -39% 7% 65%
Zinc 29% 9% 51% -2% 6% -13% -3% -30% -22% 17% 4% 38% 29% -1% 2% 20% -21% -2% 63%Nickel 30% 25% 54% 16% 29% 7% 9% -44% -5% 40% 26% 61% 39% 13% -19% 9% -16% 6% 78%Gold 24% 70% -35% 52% 64% 69% 6% -9% 66% 73% 86% 46% -5% 62% -14% -56% -11% 38% 21%Silver 41% 78% -33% 44% 61% 53% 11% 1% 47% 75% 81% 62% -17% 61% 0% -31% -46% 32% 46%Sugar 3% 87% -23% 61% 76% 66% 32% -27% 59% 75% 86% 68% 0% 62% -38% -27% -26% 40% 58%Coffee 21% 45% 40% 10% 33% 16% -24% -15% 0% 76% 48% 69% 11% 11% -3% 7% -17% -12% 69%Cotton 21% 56% -18% 15% 35% 11% 14% 13% 1% 47% 39% 59% -25% 30% 13% 30% -68% 12% 62%
Live Cattle 24% 3% 64% -14% -3% -9% -41% -22% -22% 39% 7% 30% 24% -21% 10% 21% 3% -33% 42%Lean Hogs 8% 29% 35% 40% 47% 29% 32% -61% 18% 28% 29% 62% 50% 19% -72% 4% 18% 28% 67%
S&P 500 Total Return Index 26% -1% 33% 16% 12% -6% 34% -52% -14% -14% -13% 28% 48% 8% -18% 43% -25% 17% 63%Bloomberg US Treasury -34% 39% 3% 5% 22% 18% -14% 2% 17% 44% 39% 28% -1% 5% -1% -20% -16% -13% 18%
Bloomberg USD IG Corporate -4% 25% 8% 29% 29% 37% 4% -40% 35% 31% 35% 24% 33% 20% -27% -27% 2% 1% 22%Bloomberg USD HY Corporate 40% 7% -8% 45% 31% 41% 32% -61% 38% -5% 16% 13% 45% 35% -36% -11% 8% 31% 15%
Bloomberg U.S. Dollar Spot -55% -78% 9% -68% -80% -62% -41% 44% -50% -65% -77% -87% -27% -64% 57% 22% 18% -55% -79%
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% 16% 69% -33% 29% 64% 21% 35% 13% -9% 8% 66%Energy 75% 34% 7% 46% 1% 62% -41% 40% 64% 19% 37% 26% 5% 24% 67%
Petroleum 80% 44% 4% 54% 14% 71% -36% 31% 63% 16% 34% 18% 0% 13% 70%Agriculture 48% 66% 9% 50% 40% 58% 2% 19% 36% 31% 17% 8% -21% -6% 35%
Grains 43% 66% 6% 51% 35% 57% -1% 20% 29% 23% 17% 8% -15% -6% 28%Industrial Metals 49% 16% -5% 21% 7% 31% -24% -9% 32% -10% 12% -12% -12% -14% 41%Precious Metals 41% 28% -31% 28% 42% 51% 0% -8% 30% 19% 23% -25% -18% -30% 36%
Softs 34% 34% 8% 22% 35% 34% 7% 14% 37% 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% -14% 33% -35% 43% 50% 26% 27% 35% 9% 31% 45%WTI Crude 78% 42% 8% 52% 11% 69% -37% 31% 62% 15% 33% 21% 4% 15% 71%
Brent Crude 81% 39% -2% 56% 20% 71% -35% 22% 64% 14% 34% 14% 0% 12% 72%ULS Diesel 81% 49% 2% 57% 19% 74% -36% 34% 66% 17% 40% 13% -6% 5% 69%
Unleaded Gasoline 77% 41% -7% 53% 15% 68% -31% 29% 63% 16% 30% 12% -7% 10% 60%Corn 40% 65% 5% 47% 48% 50% 9% 20% 28% 25% 21% 17% -6% -1% 19%
Soybeans 35% 57% 8% 44% 26% 53% -1% 19% 23% 24% 8% -2% -26% -12% 26%Wheat 38% 57% 2% 45% 16% 48% -15% 19% 26% 4% 22% 2% -7% -11% 30%
Soybean Oil 48% 51% 1% 50% 29% 62% -1% 2% 34% 36% 16% -15% -26% -15% 37%Soybean Meal 22% 46% 2% 38% 14% 41% -15% 19% 18% 2% 16% -6% -28% -16% 22%HRW Wheat 53% 60% 10% 51% 27% 54% -13% 16% 37% 16% 27% 12% -3% -5% 42%
Copper 52% 23% -6% 27% 13% 39% -18% -9% 29% -6% 14% -13% -15% -20% 43%Alumnium 60% 17% 5% 32% 6% 41% -30% -6% 47% 0% 17% -14% -8% -5% 53%
Zinc 22% -1% -1% -4% -4% -2% -13% -13% 5% -21% -9% -3% -9% -8% 10%Nickel 27% 0% -18% 1% -6% 16% -31% 1% 26% -24% 9% -11% -2% -8% 27%Gold 40% 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% 21% 43% -9% 29% 42% 29% 36% 7% -20% 2% 38%Coffee 20% 27% 41% 12% 27% 7% 5% -5% 16% 27% -31% 20% -11% 11% 19%Cotton 20% 38% -1% 4% 30% 16% 20% 15% 25% 6% 9% 2% -6% -15% 11%
Live Cattle 30% 27% 23% 17% -13% 23% -44% 23% 38% -5% 5% -1% -13% -2% 13%Lean Hogs 35% 36% 11% 33% 9% 27% -20% 22% 23% 4% 23% 17% -22% 12% 17%
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
Germ
any
UK
Fran
ce
Indi
a
Braz
il
Italy
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Spai
n
Russ
ia
Indo
nesia
Turk
ey
Net
herla
nds
Switz
erla
nd
Bloomberg Commodity 2% 84% -25% 22% 26% 14% 78% 59% -11% 65% 5% -5% 12% -42% 69% 14% 11% -71% 21%Energy 17% 47% -6% 5% 34% -9% 46% 65% -26% 57% 5% -4% -9% -41% 62% 7% -10% -71% 38%
Petroleum 18% 62% -20% 2% 31% -13% 65% 74% -43% 56% -10% -3% 8% -66% 78% 9% -18% -90% 30%Agriculture -20% 85% -37% 27% 18% 28% 78% 53% -2% 58% 12% -7% 13% -39% 62% 12% 25% -59% 11%
Grains -28% 73% -37% 13% 15% 25% 68% 57% -13% 49% 7% -8% 4% -51% 58% 12% 22% -60% 10%Industrial Metals 4% 68% -19% 28% 19% 20% 56% 29% 23% 44% -2% -23% 18% -5% 28% 14% 20% -37% 10%Precious Metals 1% 83% -21% 16% -3% 18% 78% 26% -24% 34% -16% 12% 41% -46% 59% 12% 11% -50% -15%
Softs -3% 85% -31% 46% 17% 27% 79% 35% 16% 56% 14% -3% 27% -12% 56% 9% 24% -45% 10%Livestock 17% 28% -9% 20% 31% -4% 26% 29% -3% 40% -8% -17% 11% 1% 26% 5% -7% -34% 25%
Natural Gas 12% -2% 27% 12% 22% 4% -11% 13% 18% 32% 36% -1% -36% 29% 3% 0% 10% 0% 31%WTI Crude 19% 54% -17% 7% 33% -15% 58% 70% -34% 51% -9% -5% 5% -55% 70% 8% -19% -84% 32%
Brent Crude 17% 72% -21% 4% 27% -10% 74% 71% -45% 59% -8% 2% 15% -68% 84% 9% -13% -92% 24%ULS Diesel 16% 79% -22% 8% 28% -6% 81% 71% -43% 63% -7% 4% 18% -69% 87% 11% -8% -93% 22%
Unleaded Gasoline 13% 73% -23% -5% 23% -10% 75% 74% -54% 58% -12% 2% 13% -79% 88% 9% -14% -95% 23%Corn -25% 78% -29% 13% 6% 29% 73% 52% -20% 43% 4% 6% 7% -56% 61% 11% 24% -59% 4%
Soybeans -21% 65% -36% 11% 26% 10% 63% 62% -12% 59% 10% -16% 7% -47% 62% 13% 12% -66% 15%Wheat -38% 45% -44% 12% 15% 33% 37% 39% 13% 35% 14% -27% -15% -23% 20% 7% 27% -28% 17%
Soybean Oil -14% 92% -38% 31% 9% 28% 89% 45% -5% 52% 10% 2% 27% -45% 68% 14% 28% -59% -1%Soybean Meal -27% 32% -34% -1% 24% 2% 31% 48% -6% 42% 2% -29% 2% -32% 32% 12% 6% -44% 12%HRW Wheat -23% 74% -40% 24% 24% 33% 65% 53% 7% 54% 13% -19% -2% -31% 46% 9% 25% -53% 19%
Copper -1% 85% -32% 30% 21% 17% 75% 42% 11% 57% 4% -21% 25% -28% 50% 17% 25% -55% 9%Alumnium 7% 63% -6% 29% 6% 26% 49% 15% 31% 26% -4% -8% 17% 6% 15% 11% 20% -21% 3%
Zinc 14% 20% 3% 7% 8% 0% 6% 6% 32% 18% -14% -29% 5% 23% -12% 17% 10% -3% 11%Nickel 4% 45% -17% 23% 29% 22% 35% 28% 18% 36% -5% -33% 7% 3% 19% 7% 7% -32% 16%Gold 2% 74% -16% 9% -7% 13% 71% 24% -37% 24% -26% 15% 42% -52% 56% 11% 5% -50% -18%Silver -1% 89% -27% 25% 3% 24% 82% 26% -3% 45% 0% 5% 35% -33% 56% 12% 19% -46% -8%Sugar 3% 88% -27% 22% 3% 6% 89% 47% -21% 50% 3% 17% 37% -50% 81% 13% 5% -69% 1%Coffee 4% 58% -17% 39% 13% 22% 50% 19% 21% 38% 0% -6% 20% 11% 27% 8% 15% -22% 12%Cotton -14% 75% -35% 56% 31% 42% 68% 26% 43% 63% 45% -14% 9% 7% 40% 8% 44% -26% 13%
Live Cattle 12% 13% -6% 29% 11% 11% 6% -6% 27% 6% -22% -19% 13% 34% -19% 9% 8% 9% 9%Lean Hogs 15% 31% -8% 4% 36% -15% 35% 51% -29% 53% 5% -9% 4% -30% 56% -2% -18% -60% 30%
S&P 500 Total Return Index 1% 10% -8% 20% 36% 7% 6% 36% 37% 26% 20% -23% -32% 11% 2% 10% 3% -22% 38%Bloomberg US Treasury 5% 18% 30% -23% -49% -12% 21% 2% -22% -13% -16% 62% 18% -10% 26% 6% -15% -9% -16%
Bloomberg USD IG Corporate -3% 17% 5% -20% -25% -14% 25% 24% -33% -14% -22% 42% 3% -39% 32% -6% -41% -38% -9%Bloomberg USD HY Corporate 11% 21% -35% 1% 25% -3% 26% 37% -33% 13% -16% -22% -22% -50% 27% -5% -16% -56% 11%
Bloomberg U.S. Dollar Spot -18% -80% 21% -6% -16% 7% -79% -57% 27% -67% -6% -11% -19% 52% -82% -11% 10% 76% -20%
US
Chin
a
Japa
n
Germ
any
UK
Fran
ce
Cana
da
Sout
h Ko
rea
Aust
ralia
Mex
ico
Spai
n
Switz
erla
nd
Bloomberg Commodity 40% 47% 16% 30% 36% 33% 51% 4% 1% 39% 35% 34%Energy 35% 13% 10% 10% 26% 19% 36% 4% -4% 23% 35% 19%
Petroleum 37% 26% 11% 15% 27% 19% 42% 6% -3% 27% 27% 26%Agriculture 12% 51% 5% 21% 20% 14% 36% -12% 2% 32% 1% 14%
Grains 6% 44% 3% 13% 15% 10% 29% -9% 4% 25% -3% 7%Industrial Metals 46% 65% 29% 51% 41% 50% 50% 14% 5% 46% 44% 59%Precious Metals 10% 65% 2% 22% 11% 15% 30% 6% 3% 22% -8% 21%
Softs 18% 36% 5% 29% 22% 20% 34% -10% -3% 35% 7% 20%Livestock 44% 14% 23% 27% 33% 28% 22% 7% 11% 32% 33% 34%
Natural Gas 28% -6% 6% 1% 16% 15% 16% -12% -7% 14% 39% 5%WTI Crude 37% 25% 11% 14% 26% 19% 41% 8% -2% 26% 30% 25%
Brent Crude 37% 29% 10% 17% 27% 21% 47% 10% -1% 28% 24% 31%ULS Diesel 33% 26% 9% 13% 23% 14% 39% 2% -7% 25% 21% 24%
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% 5% 8% 18% 9% 35% -9% 5% 27% -4% 10%Wheat 6% 51% 8% 22% 22% 13% 29% 0% -2% 19% 12% 14%
Soybean Oil 11% 58% -1% 13% 17% 14% 32% -14% 8% 18% 10% 12%Soybean Meal -3% 25% 5% 7% 11% 4% 29% -1% -5% 24% -11% 12%HRW Wheat 12% 55% 6% 25% 25% 16% 32% -2% -4% 25% 15% 16%
Copper 41% 67% 25% 46% 36% 42% 49% 12% 2% 45% 34% 53%Alumnium 44% 50% 20% 44% 32% 47% 43% 5% 5% 35% 49% 52%
Zinc 45% 51% 37% 55% 39% 52% 40% 11% 6% 50% 42% 60%Nickel 44% 54% 32% 45% 46% 51% 52% 27% 10% 38% 45% 54%Gold 1% 64% 2% 15% 5% 2% 23% 12% -2% 13% -15% 13%Silver 23% 59% 2% 33% 19% 35% 39% -3% 9% 33% 8% 32%Sugar 9% 26% 2% 15% 10% 4% 18% -9% -17% 20% 0% 7%Coffee 23% 24% 5% 20% 11% 22% 25% -12% 12% 33% 13% 32%Cotton 17% 28% 11% 32% 25% 24% 37% 4% -7% 33% 5% 19%
Live Cattle 44% 18% 20% 28% 31% 34% 26% 8% 14% 32% 40% 37%Lean Hogs 33% 10% 21% 19% 29% 15% 12% 4% 6% 24% 17% 24%
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>
* Click hyperlinks to open in Bloomberg
Group Commodity End of Mar 2016 Net Position (Lots)
End of Feb 2016 Net Position
(Lots)
Notional Change ($mill, with end
of Mar 2016 price)
End of Mar 2016 Notional ($ mill)
Natural Gas -123,153 -161,615 765 -2,451 WTI Crude 235,830 110,554 4,682 8,813
Brent Crude 363,706 320,289 1,709 14,315 ULS Diesel -12,635 -22,797 496 -617 Gasoline 29,234 20,340 532 1,749
Total 8,184 21,810 Corn -154,569 -134,334 -353 -2,699
Soybeans 53,682 -22,059 3,459 2,451 Wheat -81,837 -98,680 396 -1,925
Soybean Oil 99,340 50,488 1,010 2,054 Soybean Meal -22,110 -46,742 668 -600 HRW Wheat -10,457 -27,163 396 -248
Total 5,575 -967 Copper 23,011 -2,095 1,372 1,258
Aluminum 40,519 41,462 -36 1,528 Zinc 50,574 33,314 781 2,289
Nickel 23,253 17,887 272 1,180 Total 2,390 6,255 Gold 161,610 123,566 4,679 19,876 Silver 52,409 47,637 366 4,024 Total 5,045 23,900 Sugar 146,663 17,086 2,213 2,505 Coffee 26,040 -10,452 1,733 1,237 Cotton -9,605 -2,778 -199 -281 Total 3,747 3,461
Live Cattle 41,382 16,162 1,341 2,200Lean Hogs 53,199 44,014 251 1,454
Total 1,592 3,655Total 26,534 58,114
Historical Correlation
1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 14% 23% -31% -34% 34% 43% WTI Crude 2% 28% -56% -47% 52% 50%
Brent Crude 6% 23% -36% -31% 27% 34% ULS Diesel -5% 25% -43% -31% 39% 40% Gasoline 35% 31% -46% -21% 57% 39%
Corn 49% 52% -33% -49% 51% 61% Soybeans 45% 57% -74% -55% 65% 66%
Wheat 68% 50% -68% -62% 71% 66% Soybean Oil 28% 45% -64% -57% 64% 62%
Soybean Meal 47% 51% -54% -41% 64% 58% HRW Wheat 1% 18% -37% 42% 49%
Copper 34% 45% -60% -59% 58% 60% Aluminum 10% -19% 33%
Zinc 16% -41% 53% Nickel 24% -25% 48% Gold 72% 64% -67% -58% 76% 68% Silver 51% 45% -66% -51% 71% 57% Sugar 52% 49% -71% -59% 75% 64% Coffee 44% 38% -69% -63% 71% 62% Cotton 69% 58% -51% -50% 72% 62%
Live Cattle 27% 20% -14% -5% 27% 16%Lean Hogs -2% 14% -6% -12% -3% 10%
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
150000
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>
* Click hyperlinks to open in Bloomberg
Group Inventory/Sales Related Ticker UnitEnd of Mar
2016End of Feb
2016Change
(%)DOE Natural Gas Total Inventory DOENUST1 bcf 2,468 2,584 -4%DOE Crude Oil Total Inventory DOESCRUD mm barrels 535 508 5%DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 66 65 1%DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 161 161 0%DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 243 256 -5%USDA Corn Total Export Sales SALECNUM thousand MT 860 1,066 -19%USDA Soybeans Total Export Sales SALESYBN thousand MT 362 329 10%USDA All Wheat Total Export Sales SALEWEAL thousand MT 403 486 -17%USDA Soybean Oil Total Export Sales SALESYOL thousand MT 18 3 469%USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 212 173 23%Comex Copper Total Inventory COMXCOPR thousand short ton 72 68 7%LME Copper Total Inventory NLSCA thousand MT 145 197 -27%LME Primary Aluminum Total Inventory NLSAH thousand MT 2,792 2,769 1%LME Zinc Total Inventory NLSZS thousand MT 436 483 -10%LME Nickel Total Inventory NLSNI thousand MT 432 442 -2%Comex Gold Total Inventory COMXGOLD mm ounces 7 7 1%Comex Silver Total Inventory COMXSILV mm ounces 155 154 0%
Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 122 129 -6%USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 106 104 2%USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 438 404 8%
Historical Correlation
Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory -42% -15%DOE Crude Oil Total Inventory -56% -90%DOE Cushing Oklahoma Crude Oil Total Stocks -52% -69%DOE Distillate Fuel Oil Total Inventory -91% -49%DOE Motor Gasoline Total Inventory -73% -41%USDA Corn Total Export Sales -26% -30%USDA Soybeans Total Export Sales -39% -2%USDA All Wheat Total Export Sales 1% 18%USDA Soybean Oil Total Export Sales -34% -13%USDA Soybean Cake Meal Total Export Sales 5% 18%Comex Copper Total Inventory -93% 47%LME Copper Total Inventory 75% 33%LME Primary Aluminum Total Inventory 96% 45%LME Zinc Total Inventory -30% 29%LME Nickel Total Inventory 41% -74%Comex Gold Total Inventory 44% 90%Comex Silver Total Inventory 56% -85%
Softs USDA All Upland Cotton Total Export Sales -47% -20%USDA Cattle Slaughter Estimates Daily 9% -24%USDA Hogs Slaughter Estimates Daily 19% -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
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: Feb 29 2016 - Mar 31 2016
Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
175.14 5,150.55 3.4%-1,039.16 8,631.82 -12.0%
50.48 1,176.29 4.3%-0.24 19.74 -1.2%4.61 168.47 2.7%
2,773.96 45,307.16 6.1%1,964.80 60,454.03 3.3%
All Commodities Sector: Top 10 Creations
Ticker NameNet Flows
($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
GLD US SPDR Gold Shares 2,290.72 30,015.30 7.6%SLV US iShares Silver Trust 321.93 4,587.34 7.0%DGL US PowerShares DB Gold Fund 72.72 143.86 50.6%SCO US ProShares UltraShort Bloomberg Crude Oil 72.34 170.01 42.6%
FTGC US First Trust Global Tactical Commodity Strategy Fund 58.28 161.19 36.2%UNG US United States Natural Gas Fund LP 57.42 439.26 13.1%DBC US PowerShares DB Commodity Index Tracking Fund 51.51 1,843.18 2.8%GSG US iShares S&P GSCI Commodity Indexed Trust 41.47 665.18 6.2%DBP US PowerShares DB Precious Metals Fund 37.22 117.31 31.7%
SGOL US ETFS Physical Swiss Gold Shares 36.56 919.69 4.0%
All Commodities Sector: Top 10 Redemptions
Ticker Name Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
USO US United States Oil Fund LP -671.69 3,819.30 -17.6%UWTI US VelocityShares 3x Long Crude ETN -388.50 969.67 -40.1%UCO US ProShares Ultra Bloomberg Crude Oil -138.06 780.50 -17.7%IAU US iShares Gold Trust -81.45 7,417.27 -1.1%OIL US iPath Goldman Sachs Crude Oil Total Return Index ETN -16.27 663.44 -2.5%
KOLD US ProShares UltraShort Bloomberg Natural Gas -9.80 16.97 -57.7%UGLD US VelocityShares 3x Long Gold ETN -8.98 74.56 -12.0%DBO US PowerShares DB Oil Fund -7.61 425.71 -1.8%DNO US United States Short Oil Fund LP -4.55 33.07 -13.8%UGAZ US VelocityShares 3x Long Natural Gas ETN -4.06 218.30 -1.9%
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
APR
16JA
N 1
7O
CT 1
7JU
L 18
APR
19JA
N 2
0O
CT 2
0JU
L 21
APR
22JA
N 2
3O
CT 2
3JU
L 24
APR
25JA
N 2
6O
CT 2
6JU
L 27
APR
28
Natural Gas
29-Feb-2016
31-Mar-2016
0102030405060
APR
16AU
G 16
DEC
16AP
R 17
AUG
17DE
C 17
APR
18AU
G 18
DEC
18AP
R 19
AUG
19DE
C 19
APR
20AU
G 20
DEC
20AP
R 21
AUG
21
WTI Crude
29-Feb-2016
31-Mar-2016
30354045505560
APR
16SE
P 16
FEB
17JU
L 17
DEC
17M
AY 1
8O
CT 1
8M
AR 1
9AU
G 19
JAN
20
JUN
20
NO
V 20
APR
21SE
P 21
FEB
22JU
L 22
DEC
22Brent Crude
29-Feb-2016
31-Mar-20160
50
100
150
200
MAR
16
JUN
16
SEP
16
DEC
16
MAR
17
JUN
17
SEP
17
DEC
17
MAR
18
JUN
18
SEP
18
DEC
18
MAR
19
JUN
19
ULS Diesel
29-Feb-2016
31-Mar-2016
100
120
140
160
180
200
MAR
16
MAY
16
JUL
16SE
P 16
NO
V 16
JAN
17
MAR
17
MAY
17
JUL
17SE
P 17
NO
V 17
JAN
18
MAR
18
MAY
18
JUL
18SE
P 18
NO
V 18
JAN
19
Unleaded Gasoline
29-Feb-2016
31-Mar-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-Feb-2016
31-Mar-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-Feb-2016
31-Mar-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-Feb-2016
31-Mar-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-Feb-2016
31-Mar-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-Feb-2016
31-Mar-201628
30
32
34
36
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-Feb-2016
31-Mar-2016
27
INDUSTRIAL METALS GROUP
PRECIOUS METALS GROUP
SOFTS GROUP
LIVESTOCK GROUP
205
210
215
220
225
MAR
16
JUN
16
SEP
16
DEC
16
MAR
17
JUN
17
SEP
17
DEC
17
MAR
18
SEP
18
MAY
19
DEC
19
JUL
20
Copper
29-Feb-2016
31-Mar-20161300
1500
1700
1900
2100
2300
MAR
16
OCT
16
MAY
17
DEC
17JU
L 18
FEB
19SE
P 19
APR
20N
OV
20JU
L 21
FEB
22SE
P 22
APR
23N
OV
23JU
N 2
4JA
N 2
5AU
G 25
MAR
26
Aluminum
29-Feb-2016
31-Mar-2016
11801200122012401260128013001320
MAR
16
MAY
16
AUG
16
DEC
16
APR
17
AUG
17
DEC
17
DEC
18
DEC
19
DEC
20
DEC
21
Gold
29-Feb-2016
31-Mar-201614
14.515
15.516
16.517
MAR
16
MAY
16
SEP
16
JAN
17
MAY
17
SEP
17
JAN
18
DEC
18
DEC
19
DEC
20
Silver
29-Feb-2016
31-Mar-2016
1011121314151617
MAR
16
MAY
16
JUL
16
OCT
16
MAR
17
MAY
17
JUL
17
OCT
17
MAR
18
MAY
18
JUL
18
Sugar
29-Feb-2016
31-Mar-2016110
120
130
140
150
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-Feb-2016
31-Mar-2016
5055606570758085
APR
16
MAY
16
JUN
16
JUL
16
AUG
16
OCT
16
DEC
16
FEB
17
APR
17
MAY
17
JUN
17
Lean Hogs
29-Feb-2016
31-Mar-2016
0
50
100
150
FEB
16
APR
16
JUN
16
AUG
16
OCT
16
DEC
16
FEB
17
APR
17
JUN
17
Live Cattle
29-Feb-2016
31-Mar-2016
1720174017601780180018201840
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
1
Zinc
29-Feb-2016
31-Mar-20168000820084008600880090009200
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
1
Nickel
29-Feb-2016
31-Mar-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-Feb-2016
31-Mar-2016
28
BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO> * Click hyperlinks to open in Bloomberg
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.
29
COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE
* Click hyperlinks to open in Bloomberg
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.
30
BLOOMBERG, BLOOMBERG INDICES and BCOM 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 or BCOM. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES or BCOM. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES or BCOM 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 BCOM 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 or BCOM 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 or BCOM should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES or BCOM 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.
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