Baltic Dirrty Tanker Index
All the shippng indices are crashing. I'm willing to accept that there is an expansion of capacity but still hard to convince me that trade is particularly robust.
But in regards to the tanker indexes there is a further story.
It was well known that oil companies had begun to cut inventories for year end becasue they are on LIFO and related accounting systems and it drives up their year end profit.
Even with that, dropping US oil stocks that were headlined were not even very tight by historical standards.
This iteration of the commodity bubble insofar as flagship crude is involved is a scam.
Corn does appear to have pretty good fundamentals but even there it is unknowable what those fundamentals would do to price it if not for index money.