Agriculture: Wheat leads the session
Wheat +6.4% on the day and +47.7% over twelve months, against cocoa at −26.7% — a 74-point dispersion. Kansas winter wheat flagged severe on a −70mm water balance.
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Regular commentary from our metals, energy and agriculture teams on the forces moving global commodity markets.
Wheat +6.4% on the day and +47.7% over twelve months, against cocoa at −26.7% — a 74-point dispersion. Kansas winter wheat flagged severe on a −70mm water balance.
Read the note →Gold at record territory with silver up 76% over twelve months. Realised volatility, two-year range position and the regional supply picture behind the move.
Read the note →Coal, crude and gas read against Middle East swing supply, the Hormuz risk premium and Qatari LNG capacity additions.
Read the note →Copper's structural deficit, the DRC cobalt export quota and Chinese refining concentration — where the energy transition actually binds.
Read the note →The industry is at an inflection point deeper than the shift to electronic trading. The mechanism of AI-driven change, a five-pillar strategic framework, a three-year roadmap — and why data integration velocity, not data ownership, is the new moat.
Read the article →One paragraph per market from the desk's morning read: gold's $4,412 consolidation, the Strait of Hormuz supply shock lifting Brent to $85 in 3Q26, copper's structural deficit, Super El Niño ag risk, and silver's paradox of using less yet still falling short.
Read today's brief →A relative-value map of the metals complex: gold, silver, platinum, palladium and copper — what moves each, how they price against gold, and where the asymmetry sits.
Read article →With spot gold consolidating, our metals desk explains why short-term dislocations keep offering disciplined reversion entries — and where the stop structure sits.
Read note →Storage draws and LNG export queues are tightening the TTF–Henry Hub spread. We map the structural drivers and the hedging structures we favor.
Read note →Weather and certification constraints are reshaping softs flows. A look at responsible-sourcing premiums and what they mean for forward pricing.
Read note →How producer currencies are trading the commodity cycle, and where relative-value structures offer cleaner exposure than direction.
Read note →A short note on the firm's risk framework: the max-drawdown halt, news filter, and per-account sizing that protect capital in every regime.
Read note →Battery-grade carbonate has found a floor near cash costs. We outline the offtake and royalty structures our desk is watching into 2027.
Read note →Qualified counterparties and investors receive detailed methodology notes, flow-specific analysis and periodic performance reporting directly from the desk.