The Wednesday HOT TAKE

October 2

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10 HOT Nuggets

10 | Guess the chart

Up more than 26% from its mid-September lows, making a new all-time high today:

Answer (and reason it is important to commodities can be found in today’s #1)

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9 | Commodities vs. Equities

50+ years of commodities vs. equities in one chart:

Notable events of the past 50+ years:

1971 | Abandonment of the gold standard left its value skyrocketing until 1980

1973-74 | OPEC’s oil embargo against the U.S. during Arab-Israeli War more-than-doubled oil prices

1990 | Gulf War disrupted oil production and supply

2000 | Tech bubble led investors to shift to commodities, surging markets

2008 | Commodities at all-time highs amid emerging market growth, followed by a sharp decline during the Global Financial Crisis

2020 | COVID-19 Pandemic lockdowns slashed commodity demand. Central banks and governments flooded markets with stimulus

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8 | Winners & Losers

Taking a closer look at year-to-date performance of select markets:

(as of 10/01)

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7 | Losers & an even bigger loser

Soy products have outperformed beans thus far in 2024:

Year-to-date managed money positions in the soy complex:

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6 | Winning

What happens when soy products out-perform the beans they are made from?