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Q2- grains best performers

in the commodity complex. Despite today's end of Q window dressing, metals and energies got drubbed pretty hard and of course all of the indexes are down sharply for the quarter despite today's sharp bounce.

 

Might preserve some performance bonuses but on Monday it is back to work.

 

I don't expect it to be a major factor as long as weather remains tough but worth noting that 1) downtrend in the commodity indexes remains quite intact and 2) rebalancing will favor selling grains and buying the dogs.

 

The rebalancing is pretty much automatic stuff- not highly discretionary other than to tming, to some degree.

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