Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

On the Path to Normalization - Commodities may have bottomed in 2016 similar to stocks in 2009 - Mean reversion was at play as many commodities dipped below 10-year lows - Good companions with higher rates and economic growth industrial metals lead - Energy indicated a potential bottom recovering well before OPEC signaled a production cut - Showing resilience agriculture rallied despite the largest grain harvest in history - Extreme negative roll yields and flattening curves pave the way for improved total returns

Mike McGlone ndash BI Senior Analyst Commodities BI COMD (the commodity dashboard)

Finally the Bottom Commodities Up for First Time in Five Years Performance Dec +18 YTD +118 Spot +231 (returns are total return (TR) unless noted)

Commodities finally recovered in 2016 indicating global economic and inflation normalization Unfortunately it took a historic plunge below 10-year lows in many commodities for some relative value to prevail History may treat 2016 in the commodity market like 2009 in the stock market If so continued recovery in the Bloomberg Commodity Index (BCOM) total return up 118 on the back of a spot increase of 231 may come at the expense of some normalization in extended capital assets

Optimistic Industrial Metals Lead 2016 Gainers

Inflation and rising rates and bond yields have historically favored commodities and are preferred by most central banks If 2016 turns out to be just a dead-cat commodity bounce the risk is a return to the bad old days of zero interest rates and aggressive central bank stimulus

SECTOR PERFORMANCE

Industrial Metals Lead Make Good Companions With Higher Rates An industrial-metals-led commodity rally is typically synonymous with global economic growth and inflation -- also a potential indicator for further Federal

Reserve tightening Bucking continued strength in the dollar the Bloomberg Industrial Metals Subindexs 2016 increase of 199 is the first annual return of greater than 1 since 2010 and about double that of precious metals Industrial metals outperforming precious metals typically occurs before or is coincident with increasing yields

Some mean reversion appeared at play in most commodities Indicating potential longer-term bottoms energy recovered well before OPEC in November agriculturals rallied despite a record harvest and beaten-up industrials led metals

MACRO OUTLOOK

Commodities Poised to Keep Providing Accurate Macro Guidance The 2016 trend of higher commodities bond yields and stock prices may be difficult to sustain and is unlikely to be absent volatility The three moving higher in tandem is a good indicator for further Federal Reserve tightening Declining commodity prices and bond yields coincident with the first Fed tightening in 2015 were a good indication of a very slow pace contrary to consensus The broad commodity market should continue to rally if global economic growth and inflation are normalizing

Commodities Stocks Yields All Up - Tightening Go

If commodities continue to recover the extended bond market may be at greater risk of further mean reversion The lowest yields in history achieved in 2016 may be viewed as important a milestone as the yield peak 35

Market Commentary 1 Energy 4 Metals 6 Agriculture 9 BI COMD data 11 Performance 13Attribution amp Weights 14Volatility 17Correlation 20Commitment of Traders 25Inventories amp Sales 29

3233

Term Structures Research Dashboards Cheat Sheet 34

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

years ago The commodity market could be a primary indicator

The Road to Improving Roll Yields Paved With Flattening Curves Flattening futures curves indicate that high negative roll yields should improve At the end of 2016 the weighted sum of Bloomberg Commodity Index (BCOM) one-year curves neared 3 in contango vs 8 at the end of 2015 Energy is the primary leader of flattening curves The sector was about 19 in contango to end 2015 and reached 25 in February resulting in a current energy roll yield of minus 32 Approaching the end of December the energy contango narrowed to about 5

Roll Yields Poised to Follow Flattening Curve

If the weighted sum of BCOM commodity futures curves stays near its levels at the end of 2016 the roll yield could drop toward minus 5 as it did into 2012 This analysis covers one-year curves so the actual roll-yield effect is more indicative Indexes typically roll to contracts a few months out

2016 May Be Reflection of 1980 as Commodities Lead Bond Yields Commodities may be leading bond yields The Thompson Reuters Commodity Index peaked in November 1980 and 10 months later so did US Treasury 10-year yields at a historic high of 157 This coincided with the change of US presidents to Ronald Reagan from Jimmy Carter and a corresponding change in economic focus This year appears to be more of the same at least in terms of a potential paradigm shift in US administrations In July 10-year yields bottomed six months after the BCOM which didnt exist in 1980

Commodities and Bonds 1979-81 and 2014-16

Time will tell if 2016s bottom in commodity prices and bond yields will continue on a long-term basis If history is a guide commodities appear to be in the drivers seat for reflation and economic normalization

Naughty and Nice in Tightening Cycles Stocks vs Commodities Since 1990 commodities have doubled the performance of stocks as the US economy entered cycles of sustained tightening The Bloomberg Commodity Index (BCOM) averaged about a 24 total return in the past three tightening cycles almost 3x the SampP 500 gain In the last cycle (June 2004-June 2006) BCOM increased 28 vs 15 for the SampP 500 and added to its 90 total return of the two years prior vs about 40 for stocks Expectations are that a further tightening cycle is afoot

Commodities vs Stocks When Fed Tightens

At the end of 2016 the two-year return of the BCOM was down about 17 vs a 12 gain in the SampP 500 A reversal of the quantitative easing that extended the stock markets rally may leave it more vulnerable to Fed tightening risk than the beaten-up commodities market

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

CURVES amp FLOWS

The Good News About High Negative Roll Yields Positive Returns If history is any guide the Bloomberg Commodity Index (BCOM) could gain in 2017 after 2016s extreme negative roll yield In only three years has BCOMs annual gross roll yield ever exceeded minus 11 and each time it was followed by positive total returns The record roll yield was minus 22 in 2009 when total returns were 19 and then 17 in 2010 It was similar in 2005-06 when the BCOM roll yield exceeded minus 11 From the beginning of 2005 through 2007 the BCOM total return was 44

Strong Returns Often Follow High Minus-Roll Years

Steep contango conditions often result in high negative roll yields Curve shapes are forward looking while the resulting roll yield is a backward measure When roll yields have reached negative extremes theyve often signaled the market is ripe for mean reversion

ATTRIBUTION

BCOM 2016 Performance

Note PORT data for the BCOM is a rough approximation

Energy and Base Metals Are the Biggest Drivers of BCOM Return The 163 increase in the Bloomberg

Energy Subindex accounted for most of the Bloomberg Commodity Indexs 118 total return in 2016 adding about 730 bps Industrial metals the best-performing subindex with a 199 gain contributed about 260 bps to BCOM total returns Agriculture was basically flat and precious metals dropped back to contributing just over 30 bps after leading the index in 1H Brent crude was the single-largest contributor to the indexs total returns in 2016 adding about 220 bps

Heating oil and Zinc tied as the second-largest contributors to total returns both adding about 120 bps Livestock was the only sector that didnt contribute to BCOM positive returns These are estimates based on the PORT function

2016 Spot Futures Changes ndash Zinc in the Lead Wheat and Live Cattle the Laggards

BI COMD

Gross Annual Roll Yields

Measured on a gross roll yield basis the 251 business day difference between the total return and spot change BI COMD

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Energy (Index weight 31 of BCOMPerformance Dec +90 YTD +163 Spot +479) Note index weights are the YTD average

Range Bound Rebalancing

PERFORMANCE DRIVERS

Fresh Off Life of Index Low the Energy Recovery May Take Awhile Prices and negative roll yields may have bottomed though the energy recovery could be protracted The Bloomberg Energy Subindex 2016 total return of 163 is the best since 21 in 2007 The recovery is still in early days since the February low Energy markets appear to have shifted from anticipating peak supply to potential peak demand In the current 10-year period the total return index underperformed spot by about 14 annualized compared with outperforming by 3 in the previous decade

Heating Oil Leads Energy Gainers in 2016

Indicating a potential longer-term bottom petroleum recovered in 2016 well before OPEC announced output cuts in November Sharply flattening futures curves reflect excess supply rebalancing and better days ahead from the negative 32 energy gross roll yield which was the highest since the 2008 crisis

Rising Prices at the Pump May Take A While to Reach Investors Up 479 in 2016 the Bloomberg Energy Spot Subindex surpassed 2009s 425 performance with potentially similar economic recovery implications High roll yield years like 2016 typically coincide with or are followed by positive total returns Natural gas was a middle of the road contributor to energys total returns with a 103 total return on a spot increase of 59 due to its generally steep contango and high negative roll yield If the 13-year crude oil futures low of $26 a barrel in February was the longer term bottom the 2016 mean price of $43 should be a good support level

Some reversion to the mean since crude oil prices plunged in 2014 from above $100 has been at play The two-year change indicates more potential to move toward

the mean Unleaded gas is down the least notably due to its history of flatter futures curves emphasizing the importance or total returns

ENERGY - CURVES amp FLOWS

Energy Futures Are Leading Commodities Back to Backwardation Indicating rebalancing normalization and improving total returns energy futures lead all commodities in shifting toward backwardation Natural gas with its one-year curve about 1 in backwardation at the end of 2016 (vs 23 at the end of 2015) followed by Brent crude heating oil and WTI crude topped 2016s shift away from the contango leader board Low prices appear to be a primary cause helping spur demand and deter production Natural gas is a prime example as heating electricity use and exports increase rapidly

Energy Leads Drive From Contango 1-Year Curves

Measured via the one-year futures spread as a percent of the first contract price Negative means the one-year out future is higher (contango) Positive means the one-year out future is lower (backwardation

The surge to new highs in crude oil futures open interest and managed-money net positions at the end of 2016 indicate a potential historic play on higher prices but may be vulnerable to some normalization Crude oil may be at risk of similar pullbacks as sugar gold and silver from earlier in 2016

Brent Futures Curve Flattening - Path to Improving Roll Yields Indicating a rebalancing market and improving roll yields the one-year Brent futures curve ended 2016 about 3 in contango the narrowest since October 2014 In January the Brent curve reached the steepest contango since the 2008 crisis at 26 There is plenty of incentive to store and sell forward crude for over 20 profit in a year less costs If historic trends are a guide Brent appears on the road back to backwardation which occurs when current futures trade higher than

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

backs

Brent Futures Curve at Narrowest in Two Years

The most extreme contango period in Brent futures coincided with the 2008 financial crisis Brent stayed in contango for 30 months December marked 29 months A Brent crude futures curve returning to backwardation might be a good indicator of OPEC resolve

ENERGY ndash OUTLOOK

On the Road to Improving Total Returns Plunging Energy Contango Energy commodities are likely to be range bound with improving roll yields in 2017 Flattening futures curves indicate improvement in high negative roll yields At the end of 2016 the weighted sum of BCOM energy one-year curves neared 5 in contango vs 19 at the end of 2015 Energy is the primary leader of BCOM flattening curves which reached 25 in February resulting in a yield of negative 32 The flattening energy futures curve was a leading indicator of recovering prices in 2016

Energy Roll Yields Set to Follow Flattening Curve

If the weighted sum of BCOM energy futures curves stays near its levels at the end of December the roll yield could drop toward negative 8 as it did into 2012 This

analysis covers one-year curves so the actual roll yield effect is more indicative Indexes typically roll to contracts a few months out

Front Energy Futures

BCOM Broad Indices Total Returns

Net Managed Money Positions TotalDisaggregated

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Metals Industrial (Index weight 154 of BCOMPerformance Dec -50 YTD +199 Spot +219)

Precious (Index weight 147 of BCOMPerformance Dec -22 YTD +95 Spot +106)

Metals May Be Back On Inflation or Not

PERFORMANCE DRIVERS

Metals May Be a Primary 2017 Indication of Normalized Inflation If the strong performance of metals in 2016 is any indication that inflation is truly normalizing they could regain their historic role as primary beneficiaries and be key indicators in 2017 Metals increased 15 in 2016 led by the 199 gain in the Bloomberg Industrial Metals Subindex and the 95 increase in the precious metals index Industrial metals may have bottomed in 2016 after failing to produce an annual return of greater than 1 since 2010

Industrial Metals Make Play for Normalization

Signs of more Federal Reserve rate tightening and economic normalization should emanate from strength in industrial vs precious metals Gold the largest single weight in the Bloomberg Commodity Index should fulfill its traditional diversifier role if primary capital-asset performance disappoints

Economics Friendlier Industrial Metals Take Baton From Precious Spot silvers 16 increase vs golds 9 advance and industrial metals doubling the gains for precious metals in 2016 indicate a shift to the positive in global economic demand A continuation of this trend may be preferred by most who experienced the potential abyss of negative interest rates and extreme inflation-stimulative polices in 2016 Zinc up 575 in 2016 as measured by the Bloomberg Zinc Subindex and the years best-performing commodity has recovered 50 of the 2006-08 plunge

Copper and zinc have been best performers during tightening cycles Gold the worst-performing metal in 2016 may indicate divergent strength amid strong rallies in stocks and the US dollar Inflation and economic growth typically not bad for gold has been better for copper

METALS - CURVES amp FLOWS

A Copper Trough or Some Excessive Enthusiasm on Record Positions Combined open interest in CME and LME copper futures has surged to a record at the end of 2016 reflecting bullish trader sentiment Indicating potentially excessive enthusiasm meanwhile managed money combined long positions have leaped to all-time highs CME copper positions were about 18 above the previous high from 2010 -- shortly before copper peaked close to $460 a pound Extreme long positions well below that peak near $250 may need to be pared back before sustained price appreciation can occur

Surging Copper Open Interest amp Long Positions

Considered amply supplied copper has risen 16 in 2016 and caught up somewhat in 4Q to the 199 gain in the Bloomberg Industrial Metals Subindex Copper could be a key commodity barometer in 2017 with any stumble being a bearish signal for the commodities market

Copper and Gold Open-Interest Flows Trade Places May Favor Gold A surge to records in gold and silver futures open interest earlier in 2016 indicated that the market was leaning a bit too long Nearing 2017 copper may be in a similarly extreme one-sided position At the end of 2016 coppers percentage change in open interest topped the major commodities with LME and CME copper increasing an average of 39 Similar extreme conditions in managed-money net positions indicate some caution may be warranted in copper

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Copper Leads Open-Interest Gainers

Gold and copper appear to have bottomed from multiyear lows in 2016 but gold may offer increasing relative value as the shift away from the metal may have swung too far Record-high copper open interest and long positions are a bullish endorsement but the balance may need to stabilize somewhat

METALS - OUTLOOK

Industrial Metals May Be Key Fed-Tightening Indicators in 2017 Fed watchers may keep a close eye in 2017 on industrial metals notably copper and zinc -- the best performers in three tightening cycles since 1990 Typically leading indicators copper averaged gains just above 80 with zinc a close second In the last cycle (June 2004-June 2006) copper surged 190 and zinc 220 Zinc is among the best-performing commodities in 2016 up 60 and copper is up 17 Nickel has provided the most consistent returns

Copper the Best Performer in Tightening Cycles

Nickel gains averaged about 40 in the three tightening cycles with a standard deviation of only 17 compared with 94 for copper and 125 for zinc The ratio of performance divided by standard deviation for nickel is 24x vs 09x for copper and 06x for zinc

Gold-to-Copper Ratio Plunge Indicates Opposite in Bond Yields The highest-velocity plunge in the gold-to-copper ratio since the 2009 financial crisis (and from a similar peak) has strong inverse implications for US bond yields The elusive piece of the higher commodities and stocks normalization puzzle in 2016 -- increasing bond yields -- appears to be finally fitting in place after record lows in July Up about 20 bps from 227 at the end of 2015 the US 10-year Treasury yield may reach 3 resistance if the gold-to-copper ratio is a guide

GoldCopper Ratio Peaks amp Coincident Yield Rallies

Far from a perfect indicator the chart depicts that often when copper increases relative to gold with such velocity as in 2H bond yields tend to follow The performance between industrial and precious metals should have strong macro implications in 2017

Gold Futures Curve May Shed Brightest Light on Feds Direction Despite reduced expectations of Fed rate tightening earlier in 2016 the gold one-year futures curve shifted steeper into contango If rates increase less than anticipated the gold curve should flatten from minus 15 at the end of 2016 The curve is consistent with a US Treasury two-year yield near 16 vs 12 currently Since 2000 when the gold curve shifted in a similar fashion the two-year yield peaked near 16 Interest-rate expectations are the main factor in the shape of the gold futures curve

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Gold Futures Curve Consistently Steepened in 2016

At the onset of the tightening cycle in June 2004 two-year yields bottomed in March near 16 as increasing yields led a steepening gold curve In March 2008 two-year yields bottomed again near 16 during the easing cycle The sharply steepening gold futures curve may have shifted to a leadership role

Gold Resilient in 2016 Despite Strong Stock Market and Dollar Gold appears increasingly subject to the direction of the stock market Historically the correlation between the spot price of gold and the SampP 500 is about zero although they have had sustained periods at odds In 2013 golds plunge coincided with the SampP 500s surge past 2007s high of almost 1550 In the 2015-16 transition gold bottomed just above $1000 an ounce as the stock market fell In the aftermath of 2008s financial crisis 2009 and 2010 were years where they trended together

Gold amp Stock Market Love-Hate Relationship

Elongated stock-market risk may be helping gold which has rebounded in 2016 despite the SampP 500s record highs This decade the SampP 500 has increased over 6x real GDP vs 54x in the 1990s bull market the end of which marked a beginning for gold

Metals-Alone Portfolio Can Best Broader Commodities Approach Focusing on metals alone for portfolio allocation has provided better returns than employing a broader range of commodities The chart depicts a diversified portfolio tracking the Bloomberg Precious and Industrial Metals Subindexes and a similar portfolio tracking the broad Bloomberg Commodity Index (BCOM) since 1999 With the same volatility of about 10 the metals-focused diversified index average return was 108 compared with 92 for BCOM Metals have few issues with negative roll yields

Portfolio Tracking Metals Only vs the Broad BCOM

While many commodity prices have been pressured due to rapidly improving technology that has increased supply andor reduced demand notably in energy metals have been hurt less Silver supply for example has steadily increased while electronics have helped shore up demand for the metal

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Precious Metals - Strongest ETF Inflows Ever in 2016

Agriculture (Index weight 271 of BCOMPerformance December -23 YTD +21 Spot +81)

Grains (Index Weight 20 of BCOM PerformanceDecember -07 YTD -59 Spot +12)

Softs (Weight 7 of BCOM PerformanceDecember -37 YTD +132 Spot +187)

They Can Only Go so Low

PERFORMANCE DRIVERS

Agriculture More Susceptible to Weather Led By Soybeans amp Sugar Agriculture commodities are all about the weather but potentially more so in 2017 as successive years of favorable conditions beat up prices spurring far greater demand The 12 2016 spot increase in the Bloomberg Grains Subindex (BCOM) despite the largest harvest ever may indicate that prices have sufficiently fallen In a year with such a high-velocity increase in production the Bloomberg Agriculture Subindex total return of 21 may be a trough signal or be a blip in the bear trend since 2012

If growing conditions maintain the increasingly favorable trend prices may suffer Maintaining record production is more subject to volatility than consumption trends which are often driven by prices

Soybeans and Sugar the 2016 Studs Wheat the Dud

Well Fed Soybeans May Be Key to Agriculture Performance in 2017 Soybeans should again dictate performance in the agriculture sector in 2017 after leading the gainers in 2016 The 13 total return of the soybean complex came despite record production for the most widely traded highest-weighted commodity in the Bloomberg Agriculture Subindex If soybeans sputter it will likely be due to another record harvest though the lack of pressure in 2016 was a sign of divergent strength Wheat was 2016s biggest agriculture commodity dud down about 24

Reduced South American production and sharply higher demand supported soybeans in 2016 Classified as an oilseed the 25 gain in palm oil has been a price driver After leading the way to start 2016 sugar fell back partially tethered to weaker corn with ethanol strengthening their connection

Palm Oil May Grease Wheels for Soybeans at 10-Year Discount Not since the 75 soybean rally in 2007 has the palm oil-to-soybean ratio been sustained above the 30 level reached in December Increasing production already at a record may be necessary to damp soybean prices barring a reduction in demand much of which is coming from edible oil Farmers typically are skeptical of soybean oil-driven soybean rallies given that bean meal is the more significant demand source Soybean oil and soybeans have benefited from 2016s shortfall in palm oil production

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Soybeans End 2016 Near Extreme Low to Palm Oil

Malaysias production fell by 15 in the first 11 months of 2016 with Indonesia potentially experiencing a decline in excess of 20 over the same period Substitution has resulted in stronger demand for soybean oil A recovery in palm oil production could potentially damp soybean oil prices

2016 Corn-to-Sugar Six-Year Low May Sweeten Corn in 2017 A recovering corn-to-sugar ratio bodes well for corn On only three occasions since 1990 has this ratio ended lower than 149 reached in 2016 In the prior cases the average increase in the front corn price a year later was about 60 Corn and sugar are different agriculture commodities but becoming increasingly linked via ethanol Brazil is the primary producer and exporter of cane sugar with about 50 used for ethanol The US is the leader in corn with about 35 used for ethanol

Corn-to-Sugar Ratio Recovering From Six-Year Low

Front-sugar futures up 28 in 2016 compared with corn futures (down 2) may have recovered from an extreme disparity but based on history when they were less tightly linked than now US ethanol production pegged near 56

billion liters in 2016 about doubles Brazils

AGRICULTURE - CURVES amp FLOWS

Agriculture Futures Curve Roll Yields Poised to Recover in 2017 The Bloomberg Agriculture Subindex roll-yield and one-year futures curves both steady near minus 5 since 2014 may be poised to improve in 2017 Despite successive record harvests and overall declining prices the agriculture index weighted average futures curve improved to 5 near the end of 2016 vs 6 at the end of 2015 Sugar cotton and soybeans are the primary agriculture commodities in backwardation helping to increase total returns offsetting the steep contango drag from corn and wheat

Agriculture Curve Roll Yields Steady Near 5

Cotton and hard wheat topped the list of agriculture open interest gainers in 2016 increasing 30 and 24 Wheat topped the net-managed money position shorts list but near 109000 contracts is well off 2016s high at 15 million Contrarily cotton positions ended the year near record long

AGRICULTURE ndash OUTLOOK

Weather May Take Starch Out of Price-Driven Grain Bean Gluttony It may take higher prices to reduce the velocity of global corn soybean and wheat consumption which is at a multi-decade high on the back of price declines USDA estimated consumption of corn soybeans and wheat in 2016 is 7 above the five-year average -- the greatest relative increase in 30 years Favorable weather has boosted production and pressured prices making the agriculture market more exposed to the opposite Since August the Bloomberg Grains Subindex has recovered from an eight-year low

The two are clearly related as lower prices equal greater demand The relative velocity of change at multi-decade

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

extremes may be the most relevant Up 12 in 2016 the Bloomberg Grains Spot Subindex has rallied 8 since the end of August likely pricing in some adverse weather risk in 2017 30-Year High in Corn Wheat amp Soybean Consumption

Extreme Soybean Yields in 2016 May Mean Higher Prices in 2017 The USDAs final report for 2016 pegged soybean yields at 525 bushels an acre about 14 above the five-year average Since 1959 this extreme has been beaten once in 1994 when yields increased by 16 Prices slid 22 in 1994 but surged 33 in 1995 as yields normalized back to the average In only six years have soybean yields topped the five-year average by at least 10 and price gains averaged 19 the next year Prices declined 5 on average during years of record yields including 2004s outlier (down 31) Strongest Yields Price Change () Since 1959

Soybeans at $997 a bushel at the end of 2016 are about 43 below 2012s peak of $1770 and 15 off 2016s high Record-high US yields have pushed prices from Junes $1178 peak which came on the back of lower South American production

BCOM Broad Indices Total Returns

DATA on BI COMD Contango (-) Backwardation (+) Implied Volatility ndash Three Month

Long Only ETF Flows

Bloomberg Commodity Index (BCOM) Tables amp Charts ndash December 2016 Edition

Delta Weighted Leveraged and Short ETF Flows Energy Outflows and 12 Greater Long Exposure

Precious Metals ETF Holdings

Composite Indices Click hyperlinks to open in Bloomberg

2016Dec Nov Q4 Q3 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Bloomberg Commodity ER BCOM 176 130 255 -394 1140 1140 -3041 -3779 -4744 -2829Bloomberg Commodity TR BCOMTR 180 133 266 -386 1177 1177 -3011 -3744 -4365 1059

Bloomberg Commodity Spot BCOMSP 227 236 557 -248 2314 2314 -1663 -2100 1538 18041Bloomberg Roll Select BCOMRST 172 136 291 -270 1456 1456 -2561 -3262 -2074 16052

1 Month Forward BCOMF1T 175 134 258 -372 1271 1271 -2735 -3334 -3122 10865 2 Month Forward BCOMF2T 190 143 309 -339 1354 1354 -2696 -3466 -3051 14328 3 Month Forward BCOMF3T 158 123 260 -326 1313 1313 -2593 -3309 -2360 16386 4 Month Forward BCOMF4T 159 156 364 -257 1539 1539 -2293 -2986 -1557 5 Month Forward BCOMF5T 150 148 326 -252 1491 1491 -2348 -3022 -1388 6 Month Forward BCOMF6T 155 150 342 -208 1553 1553 -2249 -2922 -1068

Energy BCOMENTR 904 426 1058 -366 1627 1627 -5689 -5889 -8140 -6041Petroleum BCOMPETR 818 401 841 -204 1720 1720 -5974 -5748 -6218 1591Agriculture BCOMAGTR -226 -285 -209 -810 210 210 -2178 -3028 -1141 -2844

Grains BCOMGRTR -066 -248 143 -1358 -588 -588 -3126 -3245 -2245 -4451Industrial Metals BCOMINTR -504 1033 614 409 1992 1992 -1834 -2900 -4751 9254Precious Metals BCOMPRTR -217 -799 -1405 024 950 950 -954 -3347 5494 21601

Softs BCOMSOTR -368 -695 -1122 686 1316 1316 -829 -4083 -1888 -3464Livestock BCOMLITR 1000 427 2084 -2133 -563 -563 -1455 -2050 -5390 -6121Ex-Energy BCOMXETR -229 -024 -170 -405 779 779 -1707 -2900 -1430 2824

Ex-Petroleum BCOMXPET -046 042 057 -449 870 870 -2183 -3347 -4270Ex-Natural Gas BCOMXNGT 076 096 125 -347 1153 1153 -2758 -3437 -2345Ex-Agriculture BCOMXAGT 337 306 452 -208 1561 1561 -3437 -4143 -5599

Ex-Grains BCOMXGRT 222 201 287 -202 1525 1525 -3032 -3952 -4991Ex-Industrial Metals BCOMXIMT 332 -049 195 -534 1015 1015 -3245 -3912 -4516Ex-Precious Metals BCOMXPMT 244 302 586 -465 1161 1161 -3385 -3911 -5199

Ex-Softs BCOMXSOT 226 210 395 -476 1168 1168 -3191 -3744 -4622Ex-Livestock BCOMXLIT 147 122 200 -307 1278 1278 -3105 -3840 -4319

Ex-Agriculture amp Livestock BCOMXALT 300 299 370 -082 1738 1738 -3612 -4319 -5690Bloomberg Dollar Spot BBDXY 094 391 715 -023 282 282 2432 2758 2335SampP 500 Total Return SPXT 198 370 382 385 1196 1196 2905 9818 9572 33933

US Aggregate LBUSTRUU 014 -237 -298 046 265 265 937 1167 5300 18019US Treasury LUATTRUU -011 -267 -384 -028 104 104 704 617 4759 16345

US Corporate LUACTRUU 067 -268 -283 141 611 611 1325 2246 7029 22031US High Yield LF98TRUU 185 -047 175 555 1713 1713 1464 4265 10519 28838

Single Commodity Indices

2016Dec Nov Q4 Q3 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas BCOMNGTR 1124 495 1696 -794 1033 1033 -5409 -6656 -9742 -9912WTI Crude BCOMCLTR 663 421 716 -489 708 708 -6525 -6724 -7655 -2614

Brent Crude BCOMCOT 821 373 755 -215 2537 2537 -6426 -5874 -4936 17177ULS Diesel BCOMHOTR 871 363 899 -118 3346 3346 -5329 -5054 -4213 3527

Unleaded Gasoline BCOMRBTR 1094 465 1260 392 645 645 -4774 -3303 -1082 20564Corn BCOMCNTR 105 -416 205 -1061 -975 -975 -3679 -4756 -5028 -8111

Soybeans BCOMSYTR -372 206 343 -1721 1483 1483 -733 2697 12420 27806Wheat BCOMWHTR 135 -724 -263 -1398 -2405 -2405 -4650 -5724 -7524 -9274

Soybean Oil BCOMBOTR -694 456 218 435 731 731 -2133 -4495 -2808 -2783Soybean Meal BCOMSMT -180 016 395 -2523 1813 1813 832 9370 33679 110427HRW Wheat BCOMKWT 205 -511 -331 -735 -2525 -2525 -5203 -6260 -6584 -7724

Copper BCOMHGTR -480 1894 1298 023 1574 1574 -2769 -3073 -2023 21848Alumnium BCOMALTR -219 -032 099 063 974 974 -1804 -3762 -6501 -3185

Zinc BCOMZSTR -487 961 763 1264 5746 5746 1735 1900 -5473 7450Nickel BCOMNITR -1104 725 -562 1155 1185 1185 -3115 -5061 -7097 16653Gold BCOMGCTR -185 -801 -1270 -074 775 775 -565 -2859 6714 19387Silver BCOMSITR -295 -794 -1722 265 1401 1401 -2082 -4625 1031 20588Sugar BCOMSBTR -147 -813 -1508 985 2284 2284 -1910 -4365 -1809 475Coffee BCOMKCTR -896 -1021 -1143 150 -134 -134 -694 -6223 -5533 -7435Cotton BCOMCTTR -126 308 298 618 1055 1055 -1027 -1461 079 -7597

Live Cattle BCOMLCTR 371 724 1481 -1330 -742 -742 -316 -1162 -3417 -1427Lean Hogs BCOMLHTR 1983 -021 3043 -3165 -294 -294 -3140 -3475 -7574 -9057

Index Name Ticker

Index Name Ticker

PERFORMANCE Bloomberg Commodity Indices

Composite Roll Select Indices Click hyperlinks to open in Bloomberg

2016Dec Nov Q4 Q3 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

BCOM Roll Select BCOMRST 172 136 291 -270 1456 1456 -2561 -3262 -2074 16052Roll Select Agriculture BCOMRAGT -190 -280 -146 -681 370 370 -2096 -2929 1552 3178

Roll Select Ex-Ags amp Livestock BBURXALT 317 311 444 025 2170 2170 -2995 -3651 -3872Roll Select Grains BCOMRGRT -075 -223 121 -1190 -480 -480 -3231 -3330 175 522Roll Select Softs BCOMRSOT -283 -744 -968 801 1775 1775 -264 -3646 1106 2206

Roll Select Livestock BCOMRLIT 208 228 895 -2094 -1539 -1539 -1826 -2457 -2520 4049Roll Select Energy BCOMRENT 925 457 1195 -155 2646 2646 -4697 -4804 -6376 11616

Roll Select Ex-Energy BCOMRXET -258 -033 -201 -335 789 789 -1649 -2824 706 12500Roll Select Petroleum BCOMRPET 795 472 1030 -062 2671 2671 -5114 -4747 -3103 34282

Roll Select Industrial Metals BCOMRINT -497 1033 623 436 1988 1988 -1743 -2725 -3764 19306Roll Select Precious Metals BCOMRPRT -221 -799 -1407 029 982 982 -918 -3310 5545 22643

Single Commodity Roll Select Indices

2016Dec Nov Q4 Q3 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas RS BCOMRNGT 1280 407 1630 -402 2213 2213 -4088 -5258 -9239 -8123WTI Crude RS BCOMRCLT 745 558 1041 -231 2527 2527 -5208 -5236 -3792 34513

Brent Crude RS BCOMRCOT 809 408 940 -085 2403 2403 -5633 -5027 -3049 38820ULS Diesel RS BCOMRHOT 879 354 1090 -129 3395 3395 -5043 -4812 -3417 20455

Unleaded Gasoline RS BCOMRRBT 767 590 1136 515 2873 2873 -3989 -2262 316 53644Corn RS BCOMRCNT 105 -389 170 -942 -831 -831 -3758 -5080 -3586 -6435

Soybeans RS BCOMRSYT -328 241 441 -1450 1722 1722 -619 3245 15300 36609Wheat RS BCOMRWHT -016 -690 -485 -1320 -2548 -2548 -4939 -5869 -5632 -6754

Soybean Oil RS BCOMRBOT -623 452 270 426 835 835 -1877 -4188 -1423 1638Soybean Meal RS BCOMRSMT -115 051 512 -2424 1580 1580 584 10187 39599 127725HRW Wheat RS BCOMRKWT 195 -508 -271 -692 -2352 -2352 -5113 -6054 -5038 -4057

Copper RS BCOMRHGT -471 1891 1299 028 1541 1541 -2794 -3121 -1054 37265Alumnium RS BCOMRALT -222 -045 072 146 970 970 -1602 -3324 -5682 365

Zinc RS BCOMRZST -472 978 827 1287 5768 5768 1889 2160 -4530 16956Nickel RS BCOMRNIT -1098 727 -545 1141 1215 1215 -2975 -4911 -6382 34389Gold RS BCOMRGCT -187 -803 -1273 -068 821 821 -528 -2829 6686 19687Silver RS BCOMRSIT -306 -789 -1724 267 1394 1394 -2039 -4560 1276 23869Sugar RS BCOMRSBT 033 -921 -1265 1180 3179 3179 -907 -3502 3077 12998Coffee RS BCOMRKCT -857 -962 -1068 156 -033 -033 -439 -6052 -4742 -5377Cotton RS BCOMRCTT -171 220 152 737 1028 1028 -910 -1479 2807 -6144

Live Cattle RS BCOMRLCT 177 762 1112 -1273 -1022 -1022 -778 -1767 -993 6600Lean Hogs RS BCOMRLHT 243 -363 766 -3172 -2212 -2212 -3377 -3536 -4879 -1842

PERFORMANCE Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

PERFORMANCE Historical Return Click hyperlinks to open in Bloomberg

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

Bloomberg 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

-1000

100200300400500600700800900

91 93 95 97 99 01 03 05 07 09 11 13 15

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-500

50100150200250300350400450

00 02 04 06 08 10 12 14

BloombergCommodity Index TR

BloombergCommodity Index 1Month ForwardBloombergCommodity Index 3Month ForwardBloombergCommodity Index 6Month Forward

-60-40-20

020406080

100120

10 11 12 13 14 15 16

BloombergCommodity Index TRSampP 500 Total ReturnIndexUS Treasury BondIndexUS Corporate BondIndexUSD HY CorporateBond IndexBloomberg USDollar Spot 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 -2000

200400600800

10001200140016001800

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

0100200300400500600700800900

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

020406080

100120

91 93 95 97 99 01 03 05 07 09 11 13 15

Live Cattle

Lean Hogs

BCOM Constituent Weights BCOM Index MEMB ltGOgt Click hyperlinks to open in Bloomberg

Group Commodity TickerDec 2016 Contrib

to Return Dec 30 2016

WeightNov 30 2016

WeightDec 2016

Weight Change2017 Target

Weight2016 Target

Weight

Natural Gas NG 112 108 100 07 80 84 WTI Crude CL 057 92 85 07 72 75

Brent Crude CO 076 98 93 05 78 75 ULS Diesel HO 039 48 45 03 38 38 Gasoline XB 042 42 38 04 38 37Subtotal 326 388 360 27 306 310

Corn C 006 58 59 -01 74 74 Soybeans S -021 53 55 -03 58 57

Wheat W 003 23 24 00 33 33 Soybean Oil BO -020 26 29 -02 28 28

Soybean Meal SM -005 27 27 -01 29 28 HRW Wheat KW 002 08 08 00 12 12

Subtotal -036 195 202 -07 235 232 Copper HG -037 73 78 -06 76 76

Aluminum LA -010 42 44 -02 46 46 Zinc LX -018 33 36 -02 27 25

Nickel LN -028 22 25 -03 25 24Subtotal -092 169 182 -13 174 171

Gold GC -019 95 99 -04 112 114 Silver SI -012 38 40 -02 41 42

Subtotal -031 133 140 -06 153 156 Sugar SB -006 39 40 -01 34 36 Coffee KC -021 21 23 -03 24 23 Cotton CT -002 14 14 00 14 15

Subtotal -029 73 78 -05 72 74 Live Cattle LC 008 24 24 00 40 36 Lean Hogs LH 030 18 15 03 21 21Subtotal 038 42 39 03 61 56

Total 176 100 100 100 100

Commodity Price ForecastsCPFC ltGOgt

Group Commodity Q1 17 Q2 17 Q3 17 Q4 17Forward 365 356 357 370Forecast 315 302 310 325Forward 5489 5654 5699 5702Forecast 5100 5400 5600 5700Forward 5747 5866 5881 5867Forecast 5200 5450 5600 5800Forward 17354 17507 17043 17043Forecast 16088 15588 13360 13360Forward 17462 18609 17692 16229Forecast 15833 17381 17000 16200Forward 35315 36114 37178 38145Forecast 35150 36000 37000 38500Forward 100469 101601 100754 99113Forecast 102500 98250 97500 98750Forward 41062 42792 44883 46706Forecast 42500 45000 45750 47000Forward 5532 5540 5544 5544Forecast 5100 5291 5300 5291Forward 1692 1697 1703 1708Forecast 1690 1700 1680 1700Forward 2572 2581 2580 2569Forecast 2450 2400 2410 2386Forward 10004 10052 10096 10142Forecast 11000 11250 11250 11330Forward 1153 1156 1161 1165Forecast 1280 1275 1250 1290Forward 1599 1606 1613 1622Forecast 1825 1825 1900 1900Forward 1941 1897 1865 1858Forecast 2037 2000 1925 1900Forward 13735 14050 14370 14707Forecast 15400 15300 15500 15800Forward 7075 7124 6983 6954Forecast 7000 6940 6900 6815

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

Composite Indices

Bloomberg Commodity ER BCOM 1033 1239 1492 1377 1311 1777 1614Bloomberg Commodity TR BCOMTR 1034 1239 1492 1377 1311 1777 1614

Bloomberg Commodity Spot BCOMSP 1030 1240 1505 1385 1317 1786 1623Bloomberg Roll Select BCOMRST 927 1144 1370 1282 1225 1677 1474

1 Month Forward BCOMF1T 1002 1215 1461 1342 1280 1744 1561 2 Month Forward BCOMF2T 951 1190 1426 1312 1252 1715 1510 3 Month Forward BCOMF3T 887 1149 1398 1281 1228 1688 1467 4 Month Forward BCOMF4T 861 1123 1362 1254 1202 1662 5 Month Forward BCOMF5T 825 1086 1317 1211 1161 1614 6 Month Forward BCOMF6T 825 1086 1317 1211 1161 1614

Energy BCOMENTR 2111 2738 3434 3023 2632 2938 3091Petroleum BCOMPETR 2304 3233 4155 3571 3027 3419 3356Agriculture BCOMAGTR 1282 1258 1532 1543 1594 2080 1840

Grains BCOMGRTR 1781 1749 1915 1922 2009 2504 2258Industrial Metals BCOMINTR 1724 1926 1795 1728 1752 2481 2234Precious Metals BCOMPRTR 1879 1864 1807 1698 1907 2238 1999

Softs BCOMSOTR 1759 1821 2119 2153 1970 2264 2092Livestock BCOMLITR 1916 1839 1753 1619 1419 1451 1473Ex-Energy BCOMXETR 989 994 1074 1065 1153 1623 1386

Ex-Petroleum BCOMXPET 1220 1041 1093 1087 1152 1601Ex-Agriculture BCOMXAGT 1251 1537 1843 1668 1544 1952

Ex-Grains BCOMXGRT 989 994 1074 1065 1153 1623Ex-Industrial Metals BCOMXIMT 1041 1338 1652 1510 1407 1837Ex-Precious Metals BCOMXPMT 1108 1359 1605 1486 1394 1818

Ex-Softs BCOMXSOT 1149 1412 1734 1561 1436 1891Ex-Livestock BCOMXLIT 1165 1337 1561 1435 1365 1831

Ex-Agriculture amp Livestock BCOMXALT 1251 1537 1843 1668 1544 1952SampP 500 Total Return Index SPXT 802 860 1310 1342 1284 2091 1964

US Treasury Bond Index LUATTRUU 341 375 389 366 349USD IG Corporate Bond Index LUACTRUU 402 429 427 445 438USD HY Corporate Bond Index LF98TRUU 219 343 519 428 378

Bloomberg US Dollar Spot Index BBDXY 651 628 694 643 609 719

Single Commodity Indices

Natural Gas BCOMNGTR 5200 4249 4029 4091 4014 4208 4650WTI Crude BCOMCLTR 2505 3511 4451 3919 3347 3676 3520

Brent Crude BCOMCOT 2474 3397 4417 3730 3140 3428 3275ULS Diesel BCOMHOTR 2220 2946 4066 3307 2805 3155 3294

Unleaded Gasoline BCOMRBTR 2098 3001 3798 3458 2983 3475 3460Corn BCOMCNTR 2190 2216 2294 2272 2488 3053 2685

Soybeans BCOMSYTR 1742 1680 2193 2069 2083 2499 2391Wheat BCOMWHTR 2451 2455 2447 2663 2661 3374 2961

Soybean Oil BCOMBOTR 1810 2384 2060 2119 1988 2409 2356Soybean Meal BCOMSMT 2047 2228 2582 2437 2516 2832 2680HRW Wheat BCOMKWT 2129 2177 2311 2492 2493 3069 2686

Copper BCOMHGTR 1769 2151 1997 1989 2011 2977 2732Alumnium BCOMALTR 1351 1506 1624 1681 1777 2259 2058

Zinc BCOMZSTR 3395 3471 2796 2360 2208 3297 2874Nickel BCOMNITR 2643 3115 3143 2991 2771 3807 3589Gold BCOMGCTR 1400 1506 1622 1506 1696 1959 1785Silver BCOMSITR 3229 2989 2627 2578 2843 3465 3086Sugar BCOMSBTR 2956 2663 3154 2816 2576 3294 3223Coffee BCOMKCTR 2506 2768 2796 3637 3333 3145 3658Cotton BCOMCTTR 1265 1679 1983 1920 2097 2715 2600

Live Cattle BCOMLCTR 1705 1946 1945 1720 1491 1473 1467Lean Hogs BCOMLHTR 3270 3434 2855 2632 2288 2339 2460

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

VOLATILITY ImpliedVCA ltGOgt OVDV ltGOgt

TermMoneyness 90 100 110 90 100 110 90 100 110End of Dec 2 46 3 1 37 0 1 32 -1End of Nov 1 49 1 0 44 1 0 35 0End of Dec 5 27 -2 3 28 -3 3 29 -2End of Nov 4 59 -1 3 44 -3 2 39 -2End of Dec 5 27 -2 3 29 -2 3 30 -3End of Nov 4 57 -3 3 44 -2 2 39 -2End of Dec 2 26 -2 1 27 0 0 27 0End of Nov 3 43 -1 0 39 0 1 35 0End of Dec 2 28 -1 0 25 0 0 34 0End of Nov 0 45 0 0 33 0 0 34 0End of Dec 3 19 4 0 20 2 -1 23 1End of Nov 5 17 4 1 18 1 -1 21 1End of Dec 3 17 4 1 17 2 0 18 1End of Nov 4 20 3 1 19 1 0 19 1End of Dec -3 24 5 -2 22 3 -2 24 2End of Nov 3 19 5 -1 21 2 -1 22 2End of Dec 1 20 4 0 19 2 -1 20 1End of Nov 1 25 5 -1 24 2 0 22 1End of Dec 3 22 4 0 22 2 0 21 1End of Nov 3 25 3 0 23 1 0 21 1End of Dec -2 22 4 -2 22 3 -1 23 2End of Nov 2 17 5 -1 20 3 -1 21 2End of Dec 3 23 -1 1 24 0 0 24 0End of Nov 1 28 0 0 27 0 1 26 0End of Dec 0 18 0 0 18 0 0 18 0End of Nov 0 20 2 0 19 -1 0 19 0End of Dec 0 26 0 0 29 0 0 29 0End of Nov 0 72 5 0 43 6 0 37 1End of Dec 0 35 2 0 35 0 0 34 0End of Nov 0 42 -2 -3 32 5 -3 32 5End of Dec 1 14 1 1 15 0 0 15 0End of Nov 3 14 0 1 15 0 1 16 0End of Dec 2 25 3 1 25 2 1 26 0End of Nov 2 23 2 0 24 1 1 25 1End of Dec 0 30 3 -2 30 2 -2 27 2End of Nov 4 29 0 0 27 1 -1 24 1End of Dec -2 29 5 -2 30 2 -2 29 2End of Nov 1 31 3 -2 29 2 -2 28 2End of Dec 1 18 4 0 19 2 0 19 1End of Nov 0 23 4 -1 22 2 0 21 1End of Dec 5 19 0 3 18 -3 3 17 -3End of Nov 8 22 1 3 20 -3 2 18 -2End of Dec 4 25 -2 4 24 -3 2 21 -2End of Nov 7 24 0 4 27 -5 3 21 -3

3M 6M

Corn

Soybeans

Wheat

1M

Live

stoc

k Live Cattle

Lean Hogs

Grai

nsPr

ecio

us

Met

als Gold

Silver

Softs

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

VOLATILITY ImpliedVCA ltGOgt OVDV ltGOgt

TermMoneyness 90 100 110 90 100 110 90 100 110End of Dec 2 46 3 1 37 0 1 32 -1End of Nov 1 49 1 0 44 1 0 35 0End of Dec 5 27 -2 3 28 -3 3 29 -2End of Nov 4 59 -1 3 44 -3 2 39 -2End of Dec 5 27 -2 3 29 -2 3 30 -3End of Nov 4 57 -3 3 44 -2 2 39 -2End of Dec 2 26 -2 1 27 0 0 27 0End of Nov 3 43 -1 0 39 0 1 35 0End of Dec 2 28 -1 0 25 0 0 34 0End of Nov 0 45 0 0 33 0 0 34 0End of Dec 3 19 4 0 20 2 -1 23 1End of Nov 5 17 4 1 18 1 -1 21 1End of Dec 3 17 4 1 17 2 0 18 1End of Nov 4 20 3 1 19 1 0 19 1End of Dec -3 24 5 -2 22 3 -2 24 2End of Nov 3 19 5 -1 21 2 -1 22 2End of Dec 1 20 4 0 19 2 -1 20 1End of Nov 1 25 5 -1 24 2 0 22 1End of Dec 3 22 4 0 22 2 0 21 1End of Nov 3 25 3 0 23 1 0 21 1End of Dec -2 22 4 -2 22 3 -1 23 2End of Nov 2 17 5 -1 20 3 -1 21 2End of Dec 3 23 -1 1 24 0 0 24 0End of Nov 1 28 0 0 27 0 1 26 0End of Dec 0 18 0 0 18 0 0 18 0End of Nov 0 20 2 0 19 -1 0 19 0End of Dec 0 26 0 0 29 0 0 29 0End of Nov 0 72 5 0 43 6 0 37 1End of Dec 0 35 2 0 35 0 0 34 0End of Nov 0 42 -2 -3 32 5 -3 32 5End of Dec 1 14 1 1 15 0 0 15 0End of Nov 3 14 0 1 15 0 1 16 0End of Dec 2 25 3 1 25 2 1 26 0End of Nov 2 23 2 0 24 1 1 25 1End of Dec 0 30 3 -2 30 2 -2 27 2End of Nov 4 29 0 0 27 1 -1 24 1End of Dec -2 29 5 -2 30 2 -2 29 2End of Nov 1 31 3 -2 29 2 -2 28 2End of Dec 1 18 4 0 19 2 0 19 1End of Nov 0 23 4 -1 22 2 0 21 1End of Dec 5 19 0 3 18 -3 3 17 -3End of Nov 8 22 1 3 20 -3 2 18 -2End of Dec 4 25 -2 4 24 -3 2 21 -2End of Nov 7 24 0 4 27 -5 3 21 -3

3M 6M

Corn

Soybeans

Wheat

1M

Live

stoc

k Live Cattle

Lean Hogs

Grai

nsPr

ecio

us

Met

als Gold

Silver

Softs

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

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 16

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5

10

15

20

25

30

35

02 04 06 08 10 12 14 16

BloombergCommodity Index TR

BloombergCommodity Index 1Month ForwardBloombergCommodity Index 3Month ForwardBloombergCommodity Index 6Month Forward

0

5

10

15

20

25

11 12 13 14 15 16

BloombergCommodity Index TRSampP 500 Total ReturnIndexUS Treasury BondIndexUS Corporate BondIndexUSD HY CorporateBond IndexBloomberg USDollar Spot Index

5101520253035404550

92 94 96 98 00 02 04 06 08 10 12 14 16

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 16

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 16

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 16

Copper

Alumnium

Zinc

Nickel0

10

20

30

40

50

60

92 94 96 98 00 02 04 06 08 10 12 14 16

Gold

Silver

10

20

30

40

50

60

92 94 96 98 00 02 04 06 08 10 12 14 16

Sugar

Coffee

Cotton

5

10

15

20

25

30

35

40

92 94 96 98 00 02 04 06 08 10 12 14 16

Live Cattle

Lean Hogs

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

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Ener

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Petr

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Agric

ultu

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Gra

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Indu

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Prec

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M

etal

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Soft

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Live

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Ex-E

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Bloomberg Commodity 99 100 99 99 89 85 56 45 59 23 35 14 71 95Roll Select 99 100 100 100 86 84 57 46 60 26 36 13 73 94

1 Month Forward 100 100 100 99 88 85 56 46 59 23 35 13 72 953 Month Forward 99 100 100 100 87 85 57 46 60 25 36 12 72 946 Month Forward 99 100 99 100 86 85 56 45 61 26 36 12 73 94

Energy 89 86 88 87 86 95 23 15 36 -1 19 10 31 94Petroleum 85 84 85 85 85 95 23 14 37 0 21 12 31 90Agriculture 56 57 56 57 56 23 23 91 30 8 52 10 80 29

Grains 45 46 46 46 45 15 14 91 23 5 17 7 71 20Industrial Metals 59 60 59 60 61 36 37 30 23 11 19 6 67 57Precious Metals 23 26 23 25 26 -1 0 8 5 11 8 -11 49 24

Softs 35 36 35 36 36 19 21 52 17 19 8 8 45 22Livestock 14 13 13 12 12 10 12 10 7 6 -11 8 15 7Ex-Energy 71 73 72 72 73 31 31 80 71 67 49 45 15 53

Ex-Agriculture amp Livestock 95 94 95 94 94 94 90 29 20 57 24 22 7 53SampP 500 Total Return Index 40 40 39 40 40 41 44 21 15 37 -23 16 17 21 38

SampP Energy 68 67 68 68 68 73 76 21 15 43 -7 15 11 30 71SampP Financial 35 34 34 34 34 38 40 15 10 42 -34 12 12 15 34

SampP Health Care 22 23 22 23 23 21 25 15 10 27 -21 12 11 14 20SampP Consumer Discretionary 27 27 27 27 28 26 29 19 15 29 -24 13 16 16 24

SampP IT 27 27 26 27 28 28 32 19 14 24 -23 13 16 14 24SampP Utilities 12 13 12 13 13 8 8 13 9 3 10 14 9 14 9

SampP Consumers Staples 15 16 15 16 16 14 16 13 9 10 -7 13 18 12 12SampP Industrials 40 40 40 40 40 38 41 19 13 42 -18 14 15 24 39

SampP Telecommunication 25 26 25 26 26 24 25 13 11 15 3 9 17 18 24SampP Materials 51 51 51 51 51 49 52 24 18 45 -10 16 14 31 50US Treasury -26 -25 -26 -25 -25 -34 -36 -4 -3 -32 37 -2 -8 -3 -29

USD IG Corporate -17 -15 -16 -15 -15 -24 -25 3 1 -24 29 6 -5 2 -20USD HY Corporate 41 43 41 42 43 41 45 22 14 32 -12 23 13 24 39

Bloomberg US Dollar Spot -37 -39 -38 -39 -40 -24 -25 -26 -19 -22 -40 -24 4 -41 -35EURUSD 18 19 19 19 20 2 1 14 11 16 46 14 -1 34 15JPYUSD -9 -8 -9 -9 -8 -21 -21 -2 0 -17 58 0 -13 13 -9CADUSD 61 61 61 61 62 52 54 26 20 44 31 20 6 48 61MXNUSD 48 49 48 50 50 41 45 33 25 33 7 25 2 37 44GBPUSD 28 29 29 30 30 23 26 11 8 26 7 8 0 21 28AUDUSD 47 48 48 48 50 31 35 30 20 49 28 28 1 51 44CHFUSD 7 8 8 8 8 -7 -8 6 3 5 45 11 -3 23 6KRWUSD 35 37 36 37 37 21 22 23 13 32 31 27 -2 40 32CNYUSD 17 18 17 18 18 7 8 13 9 23 17 12 1 24 15

Bloo

mbe

rg

Com

mod

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Roll

Sele

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1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

6 M

onth

Fo

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Ener

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Petr

oleu

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Agric

ultu

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Gra

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Indu

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Prec

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M

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Soft

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Live

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Ex-E

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Bloomberg Commodity 99 100 99 98 82 77 62 53 59 44 38 21 79 93Roll Select 99 99 99 99 80 76 62 53 61 46 39 20 80 92

1 Month Forward 100 99 100 99 81 77 62 53 60 45 39 20 80 933 Month Forward 99 99 100 100 79 77 62 53 61 46 39 20 80 926 Month Forward 98 99 99 100 78 77 61 52 62 48 39 19 81 92

Energy 82 80 81 79 78 89 22 17 29 12 16 12 30 90Petroleum 77 76 77 77 77 89 22 15 35 16 19 13 34 84Agriculture 62 62 62 62 61 22 22 94 27 19 51 11 80 30

Grains 53 53 53 53 52 17 15 94 19 13 20 9 71 22Industrial Metals 59 61 60 61 62 29 35 27 19 36 23 12 68 60Precious Metals 44 46 45 46 48 12 16 19 13 36 17 3 62 45

Softs 38 39 39 39 39 16 19 51 20 23 17 10 47 24Livestock 21 20 20 20 19 12 13 11 9 12 3 10 21 14Ex-Energy 79 80 80 80 81 30 34 80 71 68 62 47 21 59

Ex-Agriculture amp Livestock 93 92 93 92 92 90 84 30 22 60 45 24 14 59SampP 500 Total Return Index 31 32 32 33 33 29 36 14 10 31 3 13 10 22 32

SampP Energy 56 56 56 56 57 60 66 18 13 35 12 18 10 30 60SampP Financial 27 28 28 29 29 26 32 12 7 31 -3 12 8 18 28

SampP Health Care 16 17 17 17 18 14 19 8 5 20 -2 8 7 12 16SampP Consumer Discretionary 22 23 23 23 24 19 26 11 9 26 -3 9 9 16 22

SampP IT 24 25 25 26 27 21 28 12 9 27 2 10 10 19 24SampP Utilities 10 10 10 11 11 8 9 5 4 5 8 8 2 8 10

SampP Consumers Staples 16 17 16 17 17 13 17 8 5 16 3 9 9 13 15SampP Industrials 30 31 31 31 32 26 33 14 10 34 3 12 9 23 30

SampP Telecommunication 18 19 18 19 19 17 20 7 5 15 5 7 8 12 18SampP Materials 42 43 43 43 44 36 44 18 13 40 14 16 11 32 43US Treasury -20 -20 -20 -20 -20 -24 -27 -9 -7 -24 18 -3 -6 -8 -20

USD IG Corporate -13 -12 -13 -13 -12 -18 -20 -4 -4 -15 16 2 -3 -3 -14USD HY Corporate 29 30 30 31 32 25 30 17 12 29 3 17 12 23 28

Bloomberg US Dollar Spot -37 -38 -37 -38 -39 -23 -26 -21 -14 -24 -39 -24 -5 -37 -36EURUSD 28 29 28 29 29 12 12 16 11 25 38 17 2 33 27JPYUSD 0 0 -1 -1 0 -10 -10 3 2 -10 35 4 -5 10 -1CADUSD 51 52 52 53 53 41 47 24 16 37 34 24 10 42 52MXNUSD 43 44 43 44 45 32 38 25 17 35 24 26 6 38 41GBPUSD 28 29 29 29 30 19 22 13 9 26 24 13 5 27 28AUDUSD 43 44 43 44 45 25 30 25 17 38 37 27 9 45 40CHFUSD 18 19 18 19 19 4 4 9 5 19 36 13 0 26 19KRWUSD 30 31 31 32 33 16 19 18 11 30 29 22 4 33 29CNYUSD 12 12 12 13 13 7 7 11 10 10 6 5 1 13 10

Bond

Curr

ency

Bond

CORRELATION BCOM Composites vs Equities vs Bond vs Currency Cu

rren

cyCo

mm

oditi

esEq

uitie

s

5-Year

1-Year

Com

mod

ities

Equi

ties

Nat

ural

Gas

WTI

Cru

de

Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

eans

Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

Whe

at

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

tle

Lean

Hog

s

Natural Gas 20 20 17 18 2 12 -1 13 7 -2 6 8 12 7 -3 -2 4 -3 -3 -6 2WTI Crude 20 98 95 85 10 17 7 28 11 7 33 34 21 36 -7 10 12 27 12 6 11

Brent Crude 20 98 96 87 11 18 6 28 12 6 33 34 22 34 -7 9 11 25 12 6 11ULS Diesel 17 95 96 83 10 20 6 28 15 6 31 32 22 31 -3 12 12 23 9 6 13

Unleaded Gasoline 18 85 87 83 8 16 5 25 11 6 26 28 16 22 -7 7 8 14 8 5 7Corn 2 10 11 10 8 56 66 26 53 60 10 17 13 14 2 3 4 11 24 -4 9

Soybeans 12 17 18 20 16 56 38 54 89 33 20 21 25 27 1 12 11 18 18 4 11Wheat -1 7 6 6 5 66 38 16 37 93 7 19 6 13 5 8 6 12 19 1 4

Soybean Oil 13 28 28 28 25 26 54 16 17 14 28 20 31 26 -1 13 -3 21 13 5 9Soybean Meal 7 11 12 15 11 53 89 37 17 33 16 18 18 20 3 10 15 10 16 1 9HRW Wheat -2 7 6 6 6 60 33 93 14 33 7 19 6 12 3 6 4 11 17 4 4

Copper 6 33 33 31 26 10 20 7 28 16 7 53 58 60 -3 23 5 24 17 3 11Alumnium 8 34 34 32 28 17 21 19 20 18 19 53 47 48 3 18 -5 21 11 -4 12

Zinc 12 21 22 22 16 13 25 6 31 18 6 58 47 49 6 21 4 25 15 -3 8Nickel 7 36 34 31 22 14 27 13 26 20 12 60 48 49 0 25 8 32 25 -8 9Gold -3 -7 -7 -3 -7 2 1 5 -1 3 3 -3 3 6 0 78 3 7 -2 -21 1Silver -2 10 9 12 7 3 12 8 13 10 6 23 18 21 25 78 3 17 11 -13 1Sugar 4 12 11 12 8 4 11 6 -3 15 4 5 -5 4 8 3 3 28 6 7 3Coffee -3 27 25 23 14 11 18 12 21 10 11 24 21 25 32 7 17 28 26 6 4Cotton -3 12 12 9 8 24 18 19 13 16 17 17 11 15 25 -2 11 6 26 -2 -4

Live Cattle -6 6 6 6 5 -4 4 1 5 1 4 3 -4 -3 -8 -21 -13 7 6 -2 17Lean Hogs 2 11 11 13 7 9 11 4 9 9 4 11 12 8 9 1 1 3 4 -4 17

SampP 500 Total Return Index 5 45 44 40 39 9 19 10 18 13 13 34 28 23 36 -32 -7 3 27 15 14 12SampP Energy 18 78 76 73 64 11 18 8 24 10 11 40 37 24 40 -14 5 3 24 15 5 12

SampP Financial 8 41 40 36 35 5 15 5 16 11 6 41 30 29 33 -43 -14 2 21 12 15 4SampP Health Care -1 26 25 22 21 5 12 9 8 10 11 26 19 15 29 -28 -6 4 19 10 11 5

SampP Consumer Discretionary 2 30 29 26 26 9 17 11 13 13 14 26 24 16 30 -31 -10 2 21 15 14 11SampP IT -1 32 31 28 31 9 15 11 15 12 14 19 20 15 26 -29 -10 0 25 15 15 10

SampP Utilities 3 9 9 9 3 4 10 11 5 8 14 -3 1 7 8 8 12 8 18 5 5 11SampP Consumers Staples 1 17 17 14 13 3 12 8 10 8 10 5 7 9 15 -11 1 6 20 3 10 19

SampP Industrials 6 43 41 37 36 7 19 6 22 12 10 40 30 27 38 -27 0 3 25 13 11 13SampP Telecommunication 5 25 26 25 17 6 13 6 10 11 8 12 12 13 13 -1 9 1 16 11 8 18

SampP Materials 9 54 52 48 43 13 22 8 26 14 10 43 31 28 39 -19 5 2 31 14 9 12US Treasury -6 -36 -35 -32 -36 -2 -5 0 -8 -3 -1 -34 -21 -17 -26 43 23 4 -6 -14 -14 1

USD IG Corporate -2 -25 -24 -23 -27 0 1 4 -2 1 4 -25 -16 -12 -19 31 22 9 1 -5 -10 2USD HY Corporate 2 46 47 43 36 8 14 15 17 13 16 30 25 20 29 -22 5 11 28 18 11 8

Bloomberg US Dollar Spot -2 -27 -24 -24 -22 -14 -18 -17 -19 -14 -15 -17 -23 -17 -18 -36 -41 -10 -35 -13 6 1EURUSD 2 2 0 2 0 8 8 12 15 4 10 14 17 9 11 43 44 4 23 7 -2 -1JPYUSD -6 -21 -22 -19 -17 4 -9 5 -11 -4 3 -19 -4 -11 -17 65 39 4 -2 -12 -16 -5CADUSD 9 56 54 53 44 16 17 17 33 10 14 37 36 33 37 21 41 3 36 19 -1 8MXNUSD 3 46 45 41 40 19 26 17 28 20 15 23 27 27 35 -1 18 11 37 15 -1 4GBPUSD 0 26 25 24 25 5 8 8 17 6 9 26 21 17 20 -1 18 -5 23 18 2 -2AUDUSD -2 35 34 34 30 15 21 16 29 16 15 41 41 41 38 18 40 10 43 20 1 1CHFUSD 1 -6 -9 -7 -8 1 0 8 9 -4 8 4 11 2 2 43 40 7 16 -1 -4 -1KRWUSD 4 22 21 20 20 8 16 10 24 11 7 27 21 28 29 23 41 13 39 13 -4 1CNYUSD -1 7 7 9 8 9 5 10 11 5 9 23 17 15 18 12 23 2 21 12 2 0

Nat

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Gas

WTI

Cru

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Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

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Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

W

heat

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

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Lean

Hog

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Natural Gas 15 14 14 12 9 6 6 7 4 6 1 5 2 2 -2 0 1 1 -3 3 5WTI Crude 15 94 90 83 12 19 6 32 10 8 35 30 23 27 12 22 15 16 17 11 10

Brent Crude 14 94 96 88 11 19 6 31 10 8 33 27 22 26 10 19 12 14 17 10 8ULS Diesel 14 90 96 85 12 20 7 30 12 8 31 26 21 25 11 20 13 13 16 9 9

Unleaded Gasoline 12 83 88 85 10 16 5 29 9 7 29 25 19 21 10 19 9 9 15 9 6Corn 9 12 11 12 10 59 67 36 54 64 12 12 8 13 8 12 12 11 14 7 6

Soybeans 6 19 19 20 16 59 42 61 91 40 22 19 19 20 10 19 14 12 16 7 6Wheat 6 6 6 7 5 67 42 26 39 95 9 8 5 10 9 11 11 14 13 5 2

Soybean Oil 7 32 31 30 29 36 61 26 31 25 28 25 27 24 16 26 9 17 19 11 7Soybean Meal 4 10 10 12 9 54 91 39 31 36 15 12 12 11 7 13 13 7 12 3 3HRW Wheat 6 8 8 8 7 64 40 95 25 36 8 8 4 10 9 10 10 11 12 7 2

Copper 1 35 33 31 29 12 22 9 28 15 8 62 65 57 29 44 14 14 22 9 10Alumnium 5 30 27 26 25 12 19 8 25 12 8 62 62 51 25 34 12 12 16 7 10

Zinc 2 23 22 21 19 8 19 5 27 12 4 65 62 53 24 33 14 14 15 6 10Nickel 2 27 26 25 21 13 20 10 24 11 10 57 51 53 18 29 14 14 20 2 7Gold -2 12 10 11 10 8 10 9 16 7 9 29 25 24 18 84 8 14 10 -1 2Silver 0 22 19 20 19 12 19 11 26 13 10 44 34 33 29 84 11 19 15 4 4Sugar 1 15 12 13 9 12 14 11 9 13 10 14 12 14 14 8 11 25 12 7 6Coffee 1 16 14 13 9 11 12 14 17 7 11 14 12 14 14 14 19 25 12 4 7Cotton -3 17 17 16 15 14 16 13 19 12 12 22 16 15 20 10 15 12 12 5 3

Live Cattle 3 11 10 9 9 7 7 5 11 3 7 9 7 6 2 -1 4 7 4 5 26Lean Hogs 5 10 8 9 6 6 6 2 7 3 2 10 10 10 7 2 4 6 7 3 26

SampP 500 Total Return Index 0 36 36 33 30 7 13 4 17 7 6 31 24 21 26 -2 10 9 6 21 12 5SampP Energy 13 67 65 63 56 10 15 6 24 7 9 35 28 23 27 8 19 14 10 21 9 6

SampP Financial 0 32 32 30 26 4 12 2 16 6 3 31 23 21 25 -8 7 9 6 19 11 2SampP Health Care -2 19 19 17 15 3 8 2 9 5 3 20 16 13 19 -5 4 5 4 15 9 2

SampP Consumer Discretionary -3 26 26 24 22 6 11 5 13 7 6 26 20 16 23 -7 4 6 3 18 11 4SampP IT -4 28 28 26 25 6 12 3 15 6 5 25 21 18 23 -2 9 6 6 18 11 4

SampP Utilities 2 10 9 8 6 2 3 4 3 0 6 6 2 4 4 8 7 8 2 12 3 1SampP Consumers Staples 0 17 17 15 13 3 7 4 9 3 5 16 12 10 15 1 7 8 2 13 8 6

SampP Industrials -1 33 32 30 28 7 14 4 17 8 6 34 25 23 26 -2 11 9 6 19 9 5SampP Telecommunication 1 20 20 19 16 3 6 2 6 3 3 14 12 10 11 2 8 5 3 12 7 5

SampP Materials 2 45 44 40 37 10 16 5 22 8 8 40 30 27 31 10 20 12 9 21 11 5US Treasury -2 -28 -27 -25 -23 -5 -10 -4 -14 -6 -5 -24 -18 -14 -17 22 8 -1 -2 -10 -7 -2

USD IG Corporate -2 -22 -20 -18 -16 -3 -5 -3 -9 -2 -3 -17 -12 -7 -10 19 9 4 1 -5 -3 -2USD HY Corporate 0 29 31 30 23 9 15 5 17 11 6 25 24 22 24 -2 11 12 12 15 13 6

Bloomberg US Dollar Spot -5 -28 -24 -24 -21 -11 -14 -12 -14 -10 -12 -25 -19 -17 -15 -38 -35 -14 -19 -21 -1 -7EURUSD 5 14 10 11 9 7 9 13 11 6 12 27 21 17 15 38 35 9 14 18 -2 5JPYUSD -3 -10 -11 -9 -8 4 -2 5 -9 3 4 -10 -6 -7 -11 40 23 2 4 -1 -7 0CADUSD 5 47 46 44 38 12 19 12 27 12 11 36 29 27 28 30 36 14 22 20 6 9MXNUSD 2 38 37 35 32 13 21 10 23 15 10 32 28 27 29 20 28 19 21 18 5 5GBPUSD 2 23 20 19 18 5 10 8 13 7 8 27 21 18 17 21 26 5 13 16 5 3AUDUSD 1 30 29 28 24 12 20 12 23 14 12 37 28 33 28 35 38 17 23 20 7 7CHFUSD 2 6 3 4 2 4 2 8 9 -1 8 20 17 13 9 37 30 9 8 12 -3 4KRWUSD 1 20 18 18 15 7 14 7 17 10 7 28 22 25 23 26 31 13 20 14 2 4CNYUSD 3 7 7 8 4 9 7 9 9 5 9 9 8 8 9 4 8 -1 10 5 2 -1

Curr

ency

CORRELATION BCOM Singles vs Equities vs Bond vs Currency

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

esEq

uitie

sBo

ndCu

rren

cy

All i

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Core

Food

Food

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Food

aw

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om

hom

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Ener

gy

Ener

gy

Com

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Fuel

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Mot

or F

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Ener

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rvic

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Bloomberg Commodity 60 -10 -3 -2 -4 64 62 69 61 16 -6 34 -24 7 3 4 15Energy 67 -15 -2 0 -7 75 75 78 74 16 -2 29 -14 -6 -2 -8 3

Petroleum 72 -3 -6 -5 -7 78 79 81 78 1 -4 6 -5 3 -7 -6 12Agriculture 23 -10 -1 -1 -1 25 25 22 25 6 -18 28 -35 15 7 1 25

Grains 13 -9 4 5 0 14 15 12 15 -2 -21 19 -28 11 -2 -1 22Industrial Metals 45 7 -7 -5 -10 43 40 45 40 1 4 0 -2 10 3 16 6Precious Metals 13 11 -1 -4 9 5 -1 21 -1 14 6 16 -4 15 8 33 -2

Softs 24 -12 -8 -10 1 29 27 25 27 25 1 40 -37 12 23 7 13Livestock 9 2 29 29 10 5 4 1 4 7 -10 23 2 3 -26 0 17

Natural Gas 15 -27 11 13 -5 23 21 21 20 39 4 60 -22 -18 12 -4 -15WTI Crude 68 -3 -2 -1 -3 73 74 74 74 3 -2 8 -8 5 -8 -3 13

Brent Crude 71 -6 -9 -8 -10 77 78 82 77 2 -3 8 -5 0 -8 -7 9ULS Diesel 68 -11 -9 -8 -7 75 75 85 74 3 -3 9 -11 -3 -3 -10 6

Unleaded Gasoline 80 3 -7 -5 -11 84 85 77 85 -8 -10 -1 2 6 -3 -13 19Corn 10 -9 4 5 1 11 11 12 11 -2 -21 19 -24 8 0 -5 21

Soybeans 24 -6 -8 -6 -8 26 26 24 26 -3 -16 13 -30 18 0 3 24Wheat 1 -12 16 16 9 2 3 -8 3 -1 -22 21 -25 6 -7 1 17

Soybean Oil 32 12 -17 -17 -8 30 29 14 30 2 -10 13 -6 22 11 2 32Soybean Meal 18 -9 1 2 -4 21 22 26 22 -5 -15 8 -34 16 0 0 19HRW Wheat 8 -10 20 20 7 8 7 -2 7 12 -12 31 -17 3 -12 2 18

Copper 47 6 -13 -12 -11 45 44 49 43 -5 5 -12 6 4 -8 14 1Alumnium 36 2 -4 -5 0 34 33 33 33 -8 -9 -2 -5 5 13 4 5

Zinc 37 9 -19 -16 -19 36 32 40 32 8 12 3 -6 15 9 24 6Nickel 32 6 18 21 -6 29 25 31 25 20 10 24 -9 15 4 19 14Gold 7 10 3 -1 13 -1 -7 16 -7 13 5 17 -2 14 8 31 -2Silver 23 10 -8 -9 1 17 11 28 11 13 8 14 -7 17 10 31 -1Sugar 15 -12 -26 -28 -1 22 22 22 22 10 -1 18 -31 9 10 11 10Coffee 17 -13 21 21 9 18 14 11 14 37 8 51 -30 5 26 -4 2Cotton 29 6 -15 -13 -13 28 25 27 25 12 -6 27 -18 20 14 12 27

Live Cattle 15 -1 20 20 6 13 12 11 12 3 3 3 8 -5 -21 5 7Lean Hogs 2 4 29 28 10 -3 -4 -7 -4 9 -15 31 0 8 -21 -2 17

SampP 500 Total Return Index 38 -31 -11 -10 -9 46 45 37 45 9 10 3 -19 -23 -25 -4 -3US Treasury -54 0 12 6 29 -57 -58 -40 -58 7 3 8 9 -8 -6 22 -17

USD IG Corporate -11 -14 3 -2 21 -8 -9 5 -9 16 6 19 -1 -18 -8 10 -15USD HY Corporate 43 -15 -13 -14 1 52 51 60 51 14 4 20 -4 -13 -13 0 -3

Bloomberg US Dollar Spot -47 -3 -1 -1 -1 -45 -42 -40 -42 -11 -1 -19 2 -5 5 -5 -14

All i

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Core

Food

Food

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hom

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Ener

gy

Com

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Fuel

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Bloomberg Commodity 68 5 3 7 -13 69 67 67 66 30 -3 40 -1 9 1 6 19Energy 68 -1 7 11 -12 73 71 69 69 38 -2 48 -3 4 -1 1 13

Petroleum 72 3 6 9 -9 76 77 72 76 22 1 29 1 6 -1 3 16Agriculture 29 7 0 0 -6 27 27 26 27 4 -5 9 -1 10 7 4 15

Grains 24 7 4 5 -1 20 21 21 20 0 -4 5 -1 11 9 2 11Industrial Metals 43 7 -9 -6 -14 44 43 42 43 11 1 14 3 6 0 8 10Precious Metals 29 5 1 1 2 26 24 27 24 11 6 11 4 5 -6 16 15

Softs 26 2 -10 -8 -14 28 27 22 27 11 -2 15 1 0 -3 4 17Livestock 14 -5 18 21 -8 11 9 8 9 14 7 14 -12 7 2 7 4

Natural Gas 36 -7 6 11 -15 39 33 38 32 48 -4 62 -4 -3 -2 -6 2WTI Crude 67 4 7 10 -7 71 72 69 71 21 2 27 0 8 1 5 16

Brent Crude 70 4 7 9 -9 73 75 70 74 18 2 23 3 6 -1 3 15ULS Diesel 70 0 9 11 -6 73 73 77 72 26 2 33 0 2 -5 0 17

Unleaded Gasoline 79 3 3 7 -12 83 84 67 84 20 -4 27 5 2 -4 -2 15Corn 23 5 8 9 -1 20 19 21 19 3 -5 8 3 5 5 -5 9

Soybeans 23 7 -2 -1 -7 20 21 22 21 -1 -1 1 -3 12 9 3 16Wheat 16 7 4 3 6 13 13 10 13 -1 -6 4 -4 12 12 10 3

Soybean Oil 31 15 -1 0 -5 26 25 24 24 4 -3 8 4 17 12 8 16Soybean Meal 17 3 0 1 -5 16 17 18 17 -1 2 -1 -5 9 5 -1 15HRW Wheat 23 8 5 3 5 21 20 16 20 6 -1 9 2 9 8 11 2

Copper 43 9 -11 -9 -11 42 43 40 42 9 0 10 9 5 -3 7 13Alumnium 41 5 1 3 -8 41 40 45 39 19 2 23 0 7 4 3 9

Zinc 24 6 -22 -20 -16 26 26 21 26 1 -1 1 6 3 2 4 2Nickel 32 -4 -5 0 -18 35 36 30 36 5 -1 9 -11 4 -2 12 7Gold 27 4 6 5 7 24 22 24 21 12 10 10 3 5 -6 15 15Silver 28 6 -6 -5 -5 26 24 27 23 10 2 11 5 3 -4 15 12Sugar 18 6 -11 -10 -5 19 17 14 17 11 3 13 10 0 -3 5 12Coffee 12 3 -2 1 -9 13 13 8 13 3 1 6 1 -2 2 -4 1Cotton 27 -7 -7 -3 -18 29 29 32 29 8 -7 13 -1 -6 -9 4 18

Live Cattle 20 -7 20 24 -8 19 17 12 17 15 11 12 -15 8 6 9 3Lean Hogs 3 -4 12 14 -6 2 -1 2 -1 9 3 12 -8 2 -3 4 4

CORRELATION US CPI vs BCOM Indices amp Other Benchmarks

20-Year

US CPI Indices

BCO

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BCO

M S

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5-Year

BCO

M C

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sites

BCO

M S

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CORRELATION World CPI vs BCOM Indices amp Other Benchmarks

US

Chin

a

Japa

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Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

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Bloomberg Commodity 60 28 23 51 59 37 28 -64 25 20 38 59 64 45 -64 -17 11 39 80Energy 67 42 34 63 70 43 47 -76 31 19 39 77 75 47 -66 13 20 56 78

Petroleum 72 57 18 83 85 68 59 -86 59 24 59 67 76 66 -78 -3 36 69 65Agriculture 23 -2 -21 22 25 18 15 -21 16 -2 13 7 27 37 -45 -47 -19 14 43

Grains 13 0 -38 39 35 36 41 -30 44 -20 18 3 37 60 -32 -38 -22 43 13Industrial Metals 45 -11 46 4 8 -10 -10 -33 -20 5 -1 27 32 4 -16 -1 -5 -2 66Precious Metals 13 14 -35 6 11 25 -29 14 21 34 42 -20 -16 18 -22 -78 21 -10 -13

Softs 24 -1 19 -23 -9 -22 -41 10 -38 33 -1 5 -12 -29 -34 -32 5 -46 55Livestock 9 20 71 24 34 17 15 -57 7 43 25 69 57 0 -31 33 37 15 58

Natural Gas 15 5 52 -2 14 -24 6 -24 -35 6 -11 66 36 -14 -14 41 -13 7 69WTI Crude 68 53 30 76 79 61 55 -85 50 25 52 70 76 55 -73 9 38 62 69

Brent Crude 71 62 14 84 88 72 57 -85 61 27 64 67 73 67 -81 -9 37 68 63ULS Diesel 68 61 12 88 90 76 58 -87 67 25 67 69 75 74 -73 -5 37 75 56

Unleaded Gasoline 80 61 -4 90 91 78 67 -78 72 22 67 61 70 81 -79 -22 33 81 47Corn 10 11 -59 42 40 45 37 -17 54 -16 30 -3 27 66 -22 -49 -16 51 -13

Soybeans 24 4 -8 39 35 28 39 -48 28 -13 10 13 44 44 -57 -23 -15 28 55Wheat 1 -33 -29 4 -1 -1 28 -1 12 -39 -18 -11 17 31 5 -18 -42 21 0

Soybean Oil 32 10 -58 7 8 12 -11 17 12 -4 17 -34 -20 27 -38 -70 -16 -2 2Soybean Meal 18 -13 9 32 24 23 38 -52 26 -15 0 12 50 37 -34 -3 -15 25 45HRW Wheat 8 -7 6 31 33 20 41 -42 25 -15 11 37 54 45 -19 -6 -19 41 38

Copper 47 7 28 37 35 19 21 -52 12 -5 16 37 49 37 -32 -2 -3 33 60Alumnium 36 -21 40 -20 -14 -29 -32 -5 -38 7 -12 10 7 -18 7 -4 -10 -22 47

Zinc 37 -23 39 -12 -10 -24 -27 -18 -34 -3 -16 5 17 -11 -8 -3 -15 -21 60Nickel 32 -7 64 8 17 -4 -2 -45 -15 20 8 44 46 1 -22 7 8 0 74Gold 7 18 -34 11 16 32 -26 7 29 38 48 -21 -11 22 -25 -77 29 -6 -18Silver 23 2 -31 -7 0 4 -32 27 -1 22 24 -16 -26 9 -14 -72 3 -18 0Sugar 15 21 -24 4 10 9 -16 4 0 19 18 -20 -18 0 -55 -60 9 -24 27Coffee 17 -12 62 -25 -11 -22 -50 -7 -38 53 4 31 15 -34 -11 -4 23 -42 55Cotton 29 -13 0 -31 -22 -49 -10 35 -55 -23 -42 14 -26 -27 10 27 -42 -20 38

Live Cattle 15 -9 76 4 6 2 -9 -38 -3 34 9 48 46 -12 17 42 31 2 22Lean Hogs 2 41 36 34 49 24 32 -52 14 33 30 60 44 13 -67 7 27 22 70

SampP 500 Total Return Index 38 -5 44 32 28 7 44 -59 2 -24 -10 45 59 19 -14 50 -13 34 65US Treasury -54 -11 10 -25 -17 -11 -14 10 -6 15 -4 -8 -1 -31 3 -13 12 -33 -13

USD IG Corporate -11 2 2 2 4 13 -1 -15 13 17 10 -5 14 -8 -25 -33 10 -21 10USD HY Corporate 43 29 -23 32 32 34 18 -33 28 2 26 0 19 26 -45 -35 -6 12 30

Bloomberg US Dollar Spot -47 -46 -1 -39 -51 -30 -20 35 -17 -30 -40 -44 -27 -30 80 39 -16 -22 -69

US

Chin

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Bloomberg Commodity 78 44 2 54 17 69 -34 20 67 20 35 0 -15 3 67Energy 75 26 8 50 3 63 -42 31 69 18 40 15 -1 18 69

Petroleum 80 38 5 58 16 72 -36 22 67 15 37 8 -4 8 72Agriculture 46 64 9 49 38 54 -1 6 39 26 13 -16 -33 -17 34

Grains 42 62 6 53 34 54 -4 3 34 19 15 -18 -27 -17 28Industrial Metals 51 23 -4 23 10 34 -23 -8 32 -6 13 -9 -10 -10 42Precious Metals 40 35 -31 26 40 49 0 -7 29 19 22 -33 -20 -31 35

Softs 30 34 6 17 29 27 3 14 34 30 3 4 -27 -1 27Livestock 38 32 22 31 0 28 -34 17 37 0 17 3 -20 5 20

Natural Gas 53 10 27 25 -14 32 -37 33 55 22 27 25 2 24 46WTI Crude 79 36 9 56 14 71 -37 21 66 15 36 11 0 10 73

Brent Crude 81 36 0 59 23 73 -34 15 66 16 37 9 -1 9 73ULS Diesel 81 45 3 60 21 75 -36 25 70 17 42 0 -11 0 71

Unleaded Gasoline 77 37 -6 56 18 69 -30 21 66 16 32 3 -10 6 61Corn 39 58 6 49 48 47 6 -4 35 19 18 -14 -21 -15 19

Soybeans 33 57 8 43 24 50 -3 13 25 21 6 -18 -34 -18 25Wheat 38 52 2 46 15 45 -18 1 31 -1 20 -27 -19 -22 30

Soybean Oil 48 58 1 48 28 59 -2 3 34 36 15 -22 -29 -16 35Soybean Meal 22 46 2 38 14 40 -16 13 20 0 15 -22 -34 -21 22HRW Wheat 54 54 12 55 29 54 -15 -7 44 15 26 -12 -14 -14 45

Copper 55 30 -5 29 16 42 -17 -10 30 -1 16 -11 -14 -16 45Alumnium 63 28 5 33 9 44 -29 1 46 5 19 -4 -4 1 54

Zinc 22 0 -1 -4 -4 -2 -14 -15 4 -20 -9 -2 -10 -8 9Nickel 29 3 -17 5 -2 20 -29 1 27 -19 11 -9 0 -5 28Gold 39 34 -34 26 38 52 -4 0 31 7 31 -42 -20 -40 36Silver 38 32 -21 22 35 37 1 -15 24 29 8 -15 -14 -14 30Sugar 37 12 -19 16 14 33 -13 26 40 19 30 -11 -29 -7 33Coffee 20 34 41 12 26 8 5 -2 15 27 -30 33 -10 12 19Cotton 18 38 -2 2 27 12 18 10 25 3 5 -11 -12 -20 10

Live Cattle 32 30 24 23 -6 29 -39 24 39 1 11 2 -10 1 17Lean Hogs 32 27 10 31 6 22 -23 10 26 -3 21 -4 -33 3 16

BCO

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CPI by CountryBC

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20-Year

CPI by Country

CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

US

Chin

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Japa

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Ger

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UK

Fran

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Indi

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Braz

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Italy

Cana

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Switz

erla

nd

Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

20-Year

BCO

M C

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BCO

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GDP by Country

5-Year

GDP by CountryBC

OM

Com

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Sin

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

Bloo

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Com

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Roll

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1 M

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Bloomberg Commodity 99 100 99 99 89 85 56 45 59 23 35 14 71 95Roll Select 99 100 100 100 86 84 57 46 60 26 36 13 73 94

1 Month Forward 100 100 100 99 88 85 56 46 59 23 35 13 72 953 Month Forward 99 100 100 100 87 85 57 46 60 25 36 12 72 946 Month Forward 99 100 99 100 86 85 56 45 61 26 36 12 73 94

Energy 89 86 88 87 86 95 23 15 36 -1 19 10 31 94Petroleum 85 84 85 85 85 95 23 14 37 0 21 12 31 90Agriculture 56 57 56 57 56 23 23 91 30 8 52 10 80 29

Grains 45 46 46 46 45 15 14 91 23 5 17 7 71 20Industrial Metals 59 60 59 60 61 36 37 30 23 11 19 6 67 57Precious Metals 23 26 23 25 26 -1 0 8 5 11 8 -11 49 24

Softs 35 36 35 36 36 19 21 52 17 19 8 8 45 22Livestock 14 13 13 12 12 10 12 10 7 6 -11 8 15 7Ex-Energy 71 73 72 72 73 31 31 80 71 67 49 45 15 53

Ex-Agriculture amp Livestock 95 94 95 94 94 94 90 29 20 57 24 22 7 53SampP 500 Total Return Index 40 40 39 40 40 41 44 21 15 37 -23 16 17 21 38

SampP Energy 68 67 68 68 68 73 76 21 15 43 -7 15 11 30 71SampP Financial 35 34 34 34 34 38 40 15 10 42 -34 12 12 15 34

SampP Health Care 22 23 22 23 23 21 25 15 10 27 -21 12 11 14 20SampP Consumer Discretionary 27 27 27 27 28 26 29 19 15 29 -24 13 16 16 24

SampP IT 27 27 26 27 28 28 32 19 14 24 -23 13 16 14 24SampP Utilities 12 13 12 13 13 8 8 13 9 3 10 14 9 14 9

SampP Consumers Staples 15 16 15 16 16 14 16 13 9 10 -7 13 18 12 12SampP Industrials 40 40 40 40 40 38 41 19 13 42 -18 14 15 24 39

SampP Telecommunication 25 26 25 26 26 24 25 13 11 15 3 9 17 18 24SampP Materials 51 51 51 51 51 49 52 24 18 45 -10 16 14 31 50US Treasury -26 -25 -26 -25 -25 -34 -36 -4 -3 -32 37 -2 -8 -3 -29

USD IG Corporate -17 -15 -16 -15 -15 -24 -25 3 1 -24 29 6 -5 2 -20USD HY Corporate 41 43 41 42 43 41 45 22 14 32 -12 23 13 24 39

Bloomberg US Dollar Spot -37 -39 -38 -39 -40 -24 -25 -26 -19 -22 -40 -24 4 -41 -35EURUSD 18 19 19 19 20 2 1 14 11 16 46 14 -1 34 15JPYUSD -9 -8 -9 -9 -8 -21 -21 -2 0 -17 58 0 -13 13 -9CADUSD 61 61 61 61 62 52 54 26 20 44 31 20 6 48 61MXNUSD 48 49 48 50 50 41 45 33 25 33 7 25 2 37 44GBPUSD 28 29 29 30 30 23 26 11 8 26 7 8 0 21 28AUDUSD 47 48 48 48 50 31 35 30 20 49 28 28 1 51 44CHFUSD 7 8 8 8 8 -7 -8 6 3 5 45 11 -3 23 6KRWUSD 35 37 36 37 37 21 22 23 13 32 31 27 -2 40 32CNYUSD 17 18 17 18 18 7 8 13 9 23 17 12 1 24 15

Bloo

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Com

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Roll

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1 M

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Fo

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3 M

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Bloomberg Commodity 99 100 99 98 82 77 62 53 59 44 38 21 79 93Roll Select 99 99 99 99 80 76 62 53 61 46 39 20 80 92

1 Month Forward 100 99 100 99 81 77 62 53 60 45 39 20 80 933 Month Forward 99 99 100 100 79 77 62 53 61 46 39 20 80 926 Month Forward 98 99 99 100 78 77 61 52 62 48 39 19 81 92

Energy 82 80 81 79 78 89 22 17 29 12 16 12 30 90Petroleum 77 76 77 77 77 89 22 15 35 16 19 13 34 84Agriculture 62 62 62 62 61 22 22 94 27 19 51 11 80 30

Grains 53 53 53 53 52 17 15 94 19 13 20 9 71 22Industrial Metals 59 61 60 61 62 29 35 27 19 36 23 12 68 60Precious Metals 44 46 45 46 48 12 16 19 13 36 17 3 62 45

Softs 38 39 39 39 39 16 19 51 20 23 17 10 47 24Livestock 21 20 20 20 19 12 13 11 9 12 3 10 21 14Ex-Energy 79 80 80 80 81 30 34 80 71 68 62 47 21 59

Ex-Agriculture amp Livestock 93 92 93 92 92 90 84 30 22 60 45 24 14 59SampP 500 Total Return Index 31 32 32 33 33 29 36 14 10 31 3 13 10 22 32

SampP Energy 56 56 56 56 57 60 66 18 13 35 12 18 10 30 60SampP Financial 27 28 28 29 29 26 32 12 7 31 -3 12 8 18 28

SampP Health Care 16 17 17 17 18 14 19 8 5 20 -2 8 7 12 16SampP Consumer Discretionary 22 23 23 23 24 19 26 11 9 26 -3 9 9 16 22

SampP IT 24 25 25 26 27 21 28 12 9 27 2 10 10 19 24SampP Utilities 10 10 10 11 11 8 9 5 4 5 8 8 2 8 10

SampP Consumers Staples 16 17 16 17 17 13 17 8 5 16 3 9 9 13 15SampP Industrials 30 31 31 31 32 26 33 14 10 34 3 12 9 23 30

SampP Telecommunication 18 19 18 19 19 17 20 7 5 15 5 7 8 12 18SampP Materials 42 43 43 43 44 36 44 18 13 40 14 16 11 32 43US Treasury -20 -20 -20 -20 -20 -24 -27 -9 -7 -24 18 -3 -6 -8 -20

USD IG Corporate -13 -12 -13 -13 -12 -18 -20 -4 -4 -15 16 2 -3 -3 -14USD HY Corporate 29 30 30 31 32 25 30 17 12 29 3 17 12 23 28

Bloomberg US Dollar Spot -37 -38 -37 -38 -39 -23 -26 -21 -14 -24 -39 -24 -5 -37 -36EURUSD 28 29 28 29 29 12 12 16 11 25 38 17 2 33 27JPYUSD 0 0 -1 -1 0 -10 -10 3 2 -10 35 4 -5 10 -1CADUSD 51 52 52 53 53 41 47 24 16 37 34 24 10 42 52MXNUSD 43 44 43 44 45 32 38 25 17 35 24 26 6 38 41GBPUSD 28 29 29 29 30 19 22 13 9 26 24 13 5 27 28AUDUSD 43 44 43 44 45 25 30 25 17 38 37 27 9 45 40CHFUSD 18 19 18 19 19 4 4 9 5 19 36 13 0 26 19KRWUSD 30 31 31 32 33 16 19 18 11 30 29 22 4 33 29CNYUSD 12 12 12 13 13 7 7 11 10 10 6 5 1 13 10

Bond

Curr

ency

Bond

CORRELATION BCOM Composites vs Equities vs Bond vs Currency Cu

rren

cyCo

mm

oditi

esEq

uitie

s

5-Year

1-Year

Com

mod

ities

Equi

ties

Nat

ural

Gas

WTI

Cru

de

Bren

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ULS

Die

sel

Unl

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Corn

Soyb

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Whe

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Soyb

ean

Oil

Soyb

ean

Mea

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HRW

Whe

at

Copp

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Alum

nium

Zinc

Nic

kel

Gol

d

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

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Natural Gas 20 20 17 18 2 12 -1 13 7 -2 6 8 12 7 -3 -2 4 -3 -3 -6 2WTI Crude 20 98 95 85 10 17 7 28 11 7 33 34 21 36 -7 10 12 27 12 6 11

Brent Crude 20 98 96 87 11 18 6 28 12 6 33 34 22 34 -7 9 11 25 12 6 11ULS Diesel 17 95 96 83 10 20 6 28 15 6 31 32 22 31 -3 12 12 23 9 6 13

Unleaded Gasoline 18 85 87 83 8 16 5 25 11 6 26 28 16 22 -7 7 8 14 8 5 7Corn 2 10 11 10 8 56 66 26 53 60 10 17 13 14 2 3 4 11 24 -4 9

Soybeans 12 17 18 20 16 56 38 54 89 33 20 21 25 27 1 12 11 18 18 4 11Wheat -1 7 6 6 5 66 38 16 37 93 7 19 6 13 5 8 6 12 19 1 4

Soybean Oil 13 28 28 28 25 26 54 16 17 14 28 20 31 26 -1 13 -3 21 13 5 9Soybean Meal 7 11 12 15 11 53 89 37 17 33 16 18 18 20 3 10 15 10 16 1 9HRW Wheat -2 7 6 6 6 60 33 93 14 33 7 19 6 12 3 6 4 11 17 4 4

Copper 6 33 33 31 26 10 20 7 28 16 7 53 58 60 -3 23 5 24 17 3 11Alumnium 8 34 34 32 28 17 21 19 20 18 19 53 47 48 3 18 -5 21 11 -4 12

Zinc 12 21 22 22 16 13 25 6 31 18 6 58 47 49 6 21 4 25 15 -3 8Nickel 7 36 34 31 22 14 27 13 26 20 12 60 48 49 0 25 8 32 25 -8 9Gold -3 -7 -7 -3 -7 2 1 5 -1 3 3 -3 3 6 0 78 3 7 -2 -21 1Silver -2 10 9 12 7 3 12 8 13 10 6 23 18 21 25 78 3 17 11 -13 1Sugar 4 12 11 12 8 4 11 6 -3 15 4 5 -5 4 8 3 3 28 6 7 3Coffee -3 27 25 23 14 11 18 12 21 10 11 24 21 25 32 7 17 28 26 6 4Cotton -3 12 12 9 8 24 18 19 13 16 17 17 11 15 25 -2 11 6 26 -2 -4

Live Cattle -6 6 6 6 5 -4 4 1 5 1 4 3 -4 -3 -8 -21 -13 7 6 -2 17Lean Hogs 2 11 11 13 7 9 11 4 9 9 4 11 12 8 9 1 1 3 4 -4 17

SampP 500 Total Return Index 5 45 44 40 39 9 19 10 18 13 13 34 28 23 36 -32 -7 3 27 15 14 12SampP Energy 18 78 76 73 64 11 18 8 24 10 11 40 37 24 40 -14 5 3 24 15 5 12

SampP Financial 8 41 40 36 35 5 15 5 16 11 6 41 30 29 33 -43 -14 2 21 12 15 4SampP Health Care -1 26 25 22 21 5 12 9 8 10 11 26 19 15 29 -28 -6 4 19 10 11 5

SampP Consumer Discretionary 2 30 29 26 26 9 17 11 13 13 14 26 24 16 30 -31 -10 2 21 15 14 11SampP IT -1 32 31 28 31 9 15 11 15 12 14 19 20 15 26 -29 -10 0 25 15 15 10

SampP Utilities 3 9 9 9 3 4 10 11 5 8 14 -3 1 7 8 8 12 8 18 5 5 11SampP Consumers Staples 1 17 17 14 13 3 12 8 10 8 10 5 7 9 15 -11 1 6 20 3 10 19

SampP Industrials 6 43 41 37 36 7 19 6 22 12 10 40 30 27 38 -27 0 3 25 13 11 13SampP Telecommunication 5 25 26 25 17 6 13 6 10 11 8 12 12 13 13 -1 9 1 16 11 8 18

SampP Materials 9 54 52 48 43 13 22 8 26 14 10 43 31 28 39 -19 5 2 31 14 9 12US Treasury -6 -36 -35 -32 -36 -2 -5 0 -8 -3 -1 -34 -21 -17 -26 43 23 4 -6 -14 -14 1

USD IG Corporate -2 -25 -24 -23 -27 0 1 4 -2 1 4 -25 -16 -12 -19 31 22 9 1 -5 -10 2USD HY Corporate 2 46 47 43 36 8 14 15 17 13 16 30 25 20 29 -22 5 11 28 18 11 8

Bloomberg US Dollar Spot -2 -27 -24 -24 -22 -14 -18 -17 -19 -14 -15 -17 -23 -17 -18 -36 -41 -10 -35 -13 6 1EURUSD 2 2 0 2 0 8 8 12 15 4 10 14 17 9 11 43 44 4 23 7 -2 -1JPYUSD -6 -21 -22 -19 -17 4 -9 5 -11 -4 3 -19 -4 -11 -17 65 39 4 -2 -12 -16 -5CADUSD 9 56 54 53 44 16 17 17 33 10 14 37 36 33 37 21 41 3 36 19 -1 8MXNUSD 3 46 45 41 40 19 26 17 28 20 15 23 27 27 35 -1 18 11 37 15 -1 4GBPUSD 0 26 25 24 25 5 8 8 17 6 9 26 21 17 20 -1 18 -5 23 18 2 -2AUDUSD -2 35 34 34 30 15 21 16 29 16 15 41 41 41 38 18 40 10 43 20 1 1CHFUSD 1 -6 -9 -7 -8 1 0 8 9 -4 8 4 11 2 2 43 40 7 16 -1 -4 -1KRWUSD 4 22 21 20 20 8 16 10 24 11 7 27 21 28 29 23 41 13 39 13 -4 1CNYUSD -1 7 7 9 8 9 5 10 11 5 9 23 17 15 18 12 23 2 21 12 2 0

Nat

ural

Gas

WTI

Cru

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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

Soyb

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Mea

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W

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Copp

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Alum

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Zinc

Nic

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Natural Gas 15 14 14 12 9 6 6 7 4 6 1 5 2 2 -2 0 1 1 -3 3 5WTI Crude 15 94 90 83 12 19 6 32 10 8 35 30 23 27 12 22 15 16 17 11 10

Brent Crude 14 94 96 88 11 19 6 31 10 8 33 27 22 26 10 19 12 14 17 10 8ULS Diesel 14 90 96 85 12 20 7 30 12 8 31 26 21 25 11 20 13 13 16 9 9

Unleaded Gasoline 12 83 88 85 10 16 5 29 9 7 29 25 19 21 10 19 9 9 15 9 6Corn 9 12 11 12 10 59 67 36 54 64 12 12 8 13 8 12 12 11 14 7 6

Soybeans 6 19 19 20 16 59 42 61 91 40 22 19 19 20 10 19 14 12 16 7 6Wheat 6 6 6 7 5 67 42 26 39 95 9 8 5 10 9 11 11 14 13 5 2

Soybean Oil 7 32 31 30 29 36 61 26 31 25 28 25 27 24 16 26 9 17 19 11 7Soybean Meal 4 10 10 12 9 54 91 39 31 36 15 12 12 11 7 13 13 7 12 3 3HRW Wheat 6 8 8 8 7 64 40 95 25 36 8 8 4 10 9 10 10 11 12 7 2

Copper 1 35 33 31 29 12 22 9 28 15 8 62 65 57 29 44 14 14 22 9 10Alumnium 5 30 27 26 25 12 19 8 25 12 8 62 62 51 25 34 12 12 16 7 10

Zinc 2 23 22 21 19 8 19 5 27 12 4 65 62 53 24 33 14 14 15 6 10Nickel 2 27 26 25 21 13 20 10 24 11 10 57 51 53 18 29 14 14 20 2 7Gold -2 12 10 11 10 8 10 9 16 7 9 29 25 24 18 84 8 14 10 -1 2Silver 0 22 19 20 19 12 19 11 26 13 10 44 34 33 29 84 11 19 15 4 4Sugar 1 15 12 13 9 12 14 11 9 13 10 14 12 14 14 8 11 25 12 7 6Coffee 1 16 14 13 9 11 12 14 17 7 11 14 12 14 14 14 19 25 12 4 7Cotton -3 17 17 16 15 14 16 13 19 12 12 22 16 15 20 10 15 12 12 5 3

Live Cattle 3 11 10 9 9 7 7 5 11 3 7 9 7 6 2 -1 4 7 4 5 26Lean Hogs 5 10 8 9 6 6 6 2 7 3 2 10 10 10 7 2 4 6 7 3 26

SampP 500 Total Return Index 0 36 36 33 30 7 13 4 17 7 6 31 24 21 26 -2 10 9 6 21 12 5SampP Energy 13 67 65 63 56 10 15 6 24 7 9 35 28 23 27 8 19 14 10 21 9 6

SampP Financial 0 32 32 30 26 4 12 2 16 6 3 31 23 21 25 -8 7 9 6 19 11 2SampP Health Care -2 19 19 17 15 3 8 2 9 5 3 20 16 13 19 -5 4 5 4 15 9 2

SampP Consumer Discretionary -3 26 26 24 22 6 11 5 13 7 6 26 20 16 23 -7 4 6 3 18 11 4SampP IT -4 28 28 26 25 6 12 3 15 6 5 25 21 18 23 -2 9 6 6 18 11 4

SampP Utilities 2 10 9 8 6 2 3 4 3 0 6 6 2 4 4 8 7 8 2 12 3 1SampP Consumers Staples 0 17 17 15 13 3 7 4 9 3 5 16 12 10 15 1 7 8 2 13 8 6

SampP Industrials -1 33 32 30 28 7 14 4 17 8 6 34 25 23 26 -2 11 9 6 19 9 5SampP Telecommunication 1 20 20 19 16 3 6 2 6 3 3 14 12 10 11 2 8 5 3 12 7 5

SampP Materials 2 45 44 40 37 10 16 5 22 8 8 40 30 27 31 10 20 12 9 21 11 5US Treasury -2 -28 -27 -25 -23 -5 -10 -4 -14 -6 -5 -24 -18 -14 -17 22 8 -1 -2 -10 -7 -2

USD IG Corporate -2 -22 -20 -18 -16 -3 -5 -3 -9 -2 -3 -17 -12 -7 -10 19 9 4 1 -5 -3 -2USD HY Corporate 0 29 31 30 23 9 15 5 17 11 6 25 24 22 24 -2 11 12 12 15 13 6

Bloomberg US Dollar Spot -5 -28 -24 -24 -21 -11 -14 -12 -14 -10 -12 -25 -19 -17 -15 -38 -35 -14 -19 -21 -1 -7EURUSD 5 14 10 11 9 7 9 13 11 6 12 27 21 17 15 38 35 9 14 18 -2 5JPYUSD -3 -10 -11 -9 -8 4 -2 5 -9 3 4 -10 -6 -7 -11 40 23 2 4 -1 -7 0CADUSD 5 47 46 44 38 12 19 12 27 12 11 36 29 27 28 30 36 14 22 20 6 9MXNUSD 2 38 37 35 32 13 21 10 23 15 10 32 28 27 29 20 28 19 21 18 5 5GBPUSD 2 23 20 19 18 5 10 8 13 7 8 27 21 18 17 21 26 5 13 16 5 3AUDUSD 1 30 29 28 24 12 20 12 23 14 12 37 28 33 28 35 38 17 23 20 7 7CHFUSD 2 6 3 4 2 4 2 8 9 -1 8 20 17 13 9 37 30 9 8 12 -3 4KRWUSD 1 20 18 18 15 7 14 7 17 10 7 28 22 25 23 26 31 13 20 14 2 4CNYUSD 3 7 7 8 4 9 7 9 9 5 9 9 8 8 9 4 8 -1 10 5 2 -1

Curr

ency

CORRELATION BCOM Singles vs Equities vs Bond vs Currency

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

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uitie

sBo

ndCu

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All i

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Core

Food

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Food

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Ener

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Com

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Fuel

Oil

Mot

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Elec

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Util

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Com

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Med

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Tran

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Bloomberg Commodity 60 -10 -3 -2 -4 64 62 69 61 16 -6 34 -24 7 3 4 15Energy 67 -15 -2 0 -7 75 75 78 74 16 -2 29 -14 -6 -2 -8 3

Petroleum 72 -3 -6 -5 -7 78 79 81 78 1 -4 6 -5 3 -7 -6 12Agriculture 23 -10 -1 -1 -1 25 25 22 25 6 -18 28 -35 15 7 1 25

Grains 13 -9 4 5 0 14 15 12 15 -2 -21 19 -28 11 -2 -1 22Industrial Metals 45 7 -7 -5 -10 43 40 45 40 1 4 0 -2 10 3 16 6Precious Metals 13 11 -1 -4 9 5 -1 21 -1 14 6 16 -4 15 8 33 -2

Softs 24 -12 -8 -10 1 29 27 25 27 25 1 40 -37 12 23 7 13Livestock 9 2 29 29 10 5 4 1 4 7 -10 23 2 3 -26 0 17

Natural Gas 15 -27 11 13 -5 23 21 21 20 39 4 60 -22 -18 12 -4 -15WTI Crude 68 -3 -2 -1 -3 73 74 74 74 3 -2 8 -8 5 -8 -3 13

Brent Crude 71 -6 -9 -8 -10 77 78 82 77 2 -3 8 -5 0 -8 -7 9ULS Diesel 68 -11 -9 -8 -7 75 75 85 74 3 -3 9 -11 -3 -3 -10 6

Unleaded Gasoline 80 3 -7 -5 -11 84 85 77 85 -8 -10 -1 2 6 -3 -13 19Corn 10 -9 4 5 1 11 11 12 11 -2 -21 19 -24 8 0 -5 21

Soybeans 24 -6 -8 -6 -8 26 26 24 26 -3 -16 13 -30 18 0 3 24Wheat 1 -12 16 16 9 2 3 -8 3 -1 -22 21 -25 6 -7 1 17

Soybean Oil 32 12 -17 -17 -8 30 29 14 30 2 -10 13 -6 22 11 2 32Soybean Meal 18 -9 1 2 -4 21 22 26 22 -5 -15 8 -34 16 0 0 19HRW Wheat 8 -10 20 20 7 8 7 -2 7 12 -12 31 -17 3 -12 2 18

Copper 47 6 -13 -12 -11 45 44 49 43 -5 5 -12 6 4 -8 14 1Alumnium 36 2 -4 -5 0 34 33 33 33 -8 -9 -2 -5 5 13 4 5

Zinc 37 9 -19 -16 -19 36 32 40 32 8 12 3 -6 15 9 24 6Nickel 32 6 18 21 -6 29 25 31 25 20 10 24 -9 15 4 19 14Gold 7 10 3 -1 13 -1 -7 16 -7 13 5 17 -2 14 8 31 -2Silver 23 10 -8 -9 1 17 11 28 11 13 8 14 -7 17 10 31 -1Sugar 15 -12 -26 -28 -1 22 22 22 22 10 -1 18 -31 9 10 11 10Coffee 17 -13 21 21 9 18 14 11 14 37 8 51 -30 5 26 -4 2Cotton 29 6 -15 -13 -13 28 25 27 25 12 -6 27 -18 20 14 12 27

Live Cattle 15 -1 20 20 6 13 12 11 12 3 3 3 8 -5 -21 5 7Lean Hogs 2 4 29 28 10 -3 -4 -7 -4 9 -15 31 0 8 -21 -2 17

SampP 500 Total Return Index 38 -31 -11 -10 -9 46 45 37 45 9 10 3 -19 -23 -25 -4 -3US Treasury -54 0 12 6 29 -57 -58 -40 -58 7 3 8 9 -8 -6 22 -17

USD IG Corporate -11 -14 3 -2 21 -8 -9 5 -9 16 6 19 -1 -18 -8 10 -15USD HY Corporate 43 -15 -13 -14 1 52 51 60 51 14 4 20 -4 -13 -13 0 -3

Bloomberg US Dollar Spot -47 -3 -1 -1 -1 -45 -42 -40 -42 -11 -1 -19 2 -5 5 -5 -14

All i

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Bloomberg Commodity 68 5 3 7 -13 69 67 67 66 30 -3 40 -1 9 1 6 19Energy 68 -1 7 11 -12 73 71 69 69 38 -2 48 -3 4 -1 1 13

Petroleum 72 3 6 9 -9 76 77 72 76 22 1 29 1 6 -1 3 16Agriculture 29 7 0 0 -6 27 27 26 27 4 -5 9 -1 10 7 4 15

Grains 24 7 4 5 -1 20 21 21 20 0 -4 5 -1 11 9 2 11Industrial Metals 43 7 -9 -6 -14 44 43 42 43 11 1 14 3 6 0 8 10Precious Metals 29 5 1 1 2 26 24 27 24 11 6 11 4 5 -6 16 15

Softs 26 2 -10 -8 -14 28 27 22 27 11 -2 15 1 0 -3 4 17Livestock 14 -5 18 21 -8 11 9 8 9 14 7 14 -12 7 2 7 4

Natural Gas 36 -7 6 11 -15 39 33 38 32 48 -4 62 -4 -3 -2 -6 2WTI Crude 67 4 7 10 -7 71 72 69 71 21 2 27 0 8 1 5 16

Brent Crude 70 4 7 9 -9 73 75 70 74 18 2 23 3 6 -1 3 15ULS Diesel 70 0 9 11 -6 73 73 77 72 26 2 33 0 2 -5 0 17

Unleaded Gasoline 79 3 3 7 -12 83 84 67 84 20 -4 27 5 2 -4 -2 15Corn 23 5 8 9 -1 20 19 21 19 3 -5 8 3 5 5 -5 9

Soybeans 23 7 -2 -1 -7 20 21 22 21 -1 -1 1 -3 12 9 3 16Wheat 16 7 4 3 6 13 13 10 13 -1 -6 4 -4 12 12 10 3

Soybean Oil 31 15 -1 0 -5 26 25 24 24 4 -3 8 4 17 12 8 16Soybean Meal 17 3 0 1 -5 16 17 18 17 -1 2 -1 -5 9 5 -1 15HRW Wheat 23 8 5 3 5 21 20 16 20 6 -1 9 2 9 8 11 2

Copper 43 9 -11 -9 -11 42 43 40 42 9 0 10 9 5 -3 7 13Alumnium 41 5 1 3 -8 41 40 45 39 19 2 23 0 7 4 3 9

Zinc 24 6 -22 -20 -16 26 26 21 26 1 -1 1 6 3 2 4 2Nickel 32 -4 -5 0 -18 35 36 30 36 5 -1 9 -11 4 -2 12 7Gold 27 4 6 5 7 24 22 24 21 12 10 10 3 5 -6 15 15Silver 28 6 -6 -5 -5 26 24 27 23 10 2 11 5 3 -4 15 12Sugar 18 6 -11 -10 -5 19 17 14 17 11 3 13 10 0 -3 5 12Coffee 12 3 -2 1 -9 13 13 8 13 3 1 6 1 -2 2 -4 1Cotton 27 -7 -7 -3 -18 29 29 32 29 8 -7 13 -1 -6 -9 4 18

Live Cattle 20 -7 20 24 -8 19 17 12 17 15 11 12 -15 8 6 9 3Lean Hogs 3 -4 12 14 -6 2 -1 2 -1 9 3 12 -8 2 -3 4 4

CORRELATION US CPI vs BCOM Indices amp Other Benchmarks

20-Year

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CORRELATION World CPI vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 60 28 23 51 59 37 28 -64 25 20 38 59 64 45 -64 -17 11 39 80Energy 67 42 34 63 70 43 47 -76 31 19 39 77 75 47 -66 13 20 56 78

Petroleum 72 57 18 83 85 68 59 -86 59 24 59 67 76 66 -78 -3 36 69 65Agriculture 23 -2 -21 22 25 18 15 -21 16 -2 13 7 27 37 -45 -47 -19 14 43

Grains 13 0 -38 39 35 36 41 -30 44 -20 18 3 37 60 -32 -38 -22 43 13Industrial Metals 45 -11 46 4 8 -10 -10 -33 -20 5 -1 27 32 4 -16 -1 -5 -2 66Precious Metals 13 14 -35 6 11 25 -29 14 21 34 42 -20 -16 18 -22 -78 21 -10 -13

Softs 24 -1 19 -23 -9 -22 -41 10 -38 33 -1 5 -12 -29 -34 -32 5 -46 55Livestock 9 20 71 24 34 17 15 -57 7 43 25 69 57 0 -31 33 37 15 58

Natural Gas 15 5 52 -2 14 -24 6 -24 -35 6 -11 66 36 -14 -14 41 -13 7 69WTI Crude 68 53 30 76 79 61 55 -85 50 25 52 70 76 55 -73 9 38 62 69

Brent Crude 71 62 14 84 88 72 57 -85 61 27 64 67 73 67 -81 -9 37 68 63ULS Diesel 68 61 12 88 90 76 58 -87 67 25 67 69 75 74 -73 -5 37 75 56

Unleaded Gasoline 80 61 -4 90 91 78 67 -78 72 22 67 61 70 81 -79 -22 33 81 47Corn 10 11 -59 42 40 45 37 -17 54 -16 30 -3 27 66 -22 -49 -16 51 -13

Soybeans 24 4 -8 39 35 28 39 -48 28 -13 10 13 44 44 -57 -23 -15 28 55Wheat 1 -33 -29 4 -1 -1 28 -1 12 -39 -18 -11 17 31 5 -18 -42 21 0

Soybean Oil 32 10 -58 7 8 12 -11 17 12 -4 17 -34 -20 27 -38 -70 -16 -2 2Soybean Meal 18 -13 9 32 24 23 38 -52 26 -15 0 12 50 37 -34 -3 -15 25 45HRW Wheat 8 -7 6 31 33 20 41 -42 25 -15 11 37 54 45 -19 -6 -19 41 38

Copper 47 7 28 37 35 19 21 -52 12 -5 16 37 49 37 -32 -2 -3 33 60Alumnium 36 -21 40 -20 -14 -29 -32 -5 -38 7 -12 10 7 -18 7 -4 -10 -22 47

Zinc 37 -23 39 -12 -10 -24 -27 -18 -34 -3 -16 5 17 -11 -8 -3 -15 -21 60Nickel 32 -7 64 8 17 -4 -2 -45 -15 20 8 44 46 1 -22 7 8 0 74Gold 7 18 -34 11 16 32 -26 7 29 38 48 -21 -11 22 -25 -77 29 -6 -18Silver 23 2 -31 -7 0 4 -32 27 -1 22 24 -16 -26 9 -14 -72 3 -18 0Sugar 15 21 -24 4 10 9 -16 4 0 19 18 -20 -18 0 -55 -60 9 -24 27Coffee 17 -12 62 -25 -11 -22 -50 -7 -38 53 4 31 15 -34 -11 -4 23 -42 55Cotton 29 -13 0 -31 -22 -49 -10 35 -55 -23 -42 14 -26 -27 10 27 -42 -20 38

Live Cattle 15 -9 76 4 6 2 -9 -38 -3 34 9 48 46 -12 17 42 31 2 22Lean Hogs 2 41 36 34 49 24 32 -52 14 33 30 60 44 13 -67 7 27 22 70

SampP 500 Total Return Index 38 -5 44 32 28 7 44 -59 2 -24 -10 45 59 19 -14 50 -13 34 65US Treasury -54 -11 10 -25 -17 -11 -14 10 -6 15 -4 -8 -1 -31 3 -13 12 -33 -13

USD IG Corporate -11 2 2 2 4 13 -1 -15 13 17 10 -5 14 -8 -25 -33 10 -21 10USD HY Corporate 43 29 -23 32 32 34 18 -33 28 2 26 0 19 26 -45 -35 -6 12 30

Bloomberg US Dollar Spot -47 -46 -1 -39 -51 -30 -20 35 -17 -30 -40 -44 -27 -30 80 39 -16 -22 -69

US

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Bloomberg Commodity 78 44 2 54 17 69 -34 20 67 20 35 0 -15 3 67Energy 75 26 8 50 3 63 -42 31 69 18 40 15 -1 18 69

Petroleum 80 38 5 58 16 72 -36 22 67 15 37 8 -4 8 72Agriculture 46 64 9 49 38 54 -1 6 39 26 13 -16 -33 -17 34

Grains 42 62 6 53 34 54 -4 3 34 19 15 -18 -27 -17 28Industrial Metals 51 23 -4 23 10 34 -23 -8 32 -6 13 -9 -10 -10 42Precious Metals 40 35 -31 26 40 49 0 -7 29 19 22 -33 -20 -31 35

Softs 30 34 6 17 29 27 3 14 34 30 3 4 -27 -1 27Livestock 38 32 22 31 0 28 -34 17 37 0 17 3 -20 5 20

Natural Gas 53 10 27 25 -14 32 -37 33 55 22 27 25 2 24 46WTI Crude 79 36 9 56 14 71 -37 21 66 15 36 11 0 10 73

Brent Crude 81 36 0 59 23 73 -34 15 66 16 37 9 -1 9 73ULS Diesel 81 45 3 60 21 75 -36 25 70 17 42 0 -11 0 71

Unleaded Gasoline 77 37 -6 56 18 69 -30 21 66 16 32 3 -10 6 61Corn 39 58 6 49 48 47 6 -4 35 19 18 -14 -21 -15 19

Soybeans 33 57 8 43 24 50 -3 13 25 21 6 -18 -34 -18 25Wheat 38 52 2 46 15 45 -18 1 31 -1 20 -27 -19 -22 30

Soybean Oil 48 58 1 48 28 59 -2 3 34 36 15 -22 -29 -16 35Soybean Meal 22 46 2 38 14 40 -16 13 20 0 15 -22 -34 -21 22HRW Wheat 54 54 12 55 29 54 -15 -7 44 15 26 -12 -14 -14 45

Copper 55 30 -5 29 16 42 -17 -10 30 -1 16 -11 -14 -16 45Alumnium 63 28 5 33 9 44 -29 1 46 5 19 -4 -4 1 54

Zinc 22 0 -1 -4 -4 -2 -14 -15 4 -20 -9 -2 -10 -8 9Nickel 29 3 -17 5 -2 20 -29 1 27 -19 11 -9 0 -5 28Gold 39 34 -34 26 38 52 -4 0 31 7 31 -42 -20 -40 36Silver 38 32 -21 22 35 37 1 -15 24 29 8 -15 -14 -14 30Sugar 37 12 -19 16 14 33 -13 26 40 19 30 -11 -29 -7 33Coffee 20 34 41 12 26 8 5 -2 15 27 -30 33 -10 12 19Cotton 18 38 -2 2 27 12 18 10 25 3 5 -11 -12 -20 10

Live Cattle 32 30 24 23 -6 29 -39 24 39 1 11 2 -10 1 17Lean Hogs 32 27 10 31 6 22 -23 10 26 -3 21 -4 -33 3 16

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20-Year

CPI by Country

CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

US

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

US

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Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

20-Year

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

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Natural Gas 20 20 17 18 2 12 -1 13 7 -2 6 8 12 7 -3 -2 4 -3 -3 -6 2WTI Crude 20 98 95 85 10 17 7 28 11 7 33 34 21 36 -7 10 12 27 12 6 11

Brent Crude 20 98 96 87 11 18 6 28 12 6 33 34 22 34 -7 9 11 25 12 6 11ULS Diesel 17 95 96 83 10 20 6 28 15 6 31 32 22 31 -3 12 12 23 9 6 13

Unleaded Gasoline 18 85 87 83 8 16 5 25 11 6 26 28 16 22 -7 7 8 14 8 5 7Corn 2 10 11 10 8 56 66 26 53 60 10 17 13 14 2 3 4 11 24 -4 9

Soybeans 12 17 18 20 16 56 38 54 89 33 20 21 25 27 1 12 11 18 18 4 11Wheat -1 7 6 6 5 66 38 16 37 93 7 19 6 13 5 8 6 12 19 1 4

Soybean Oil 13 28 28 28 25 26 54 16 17 14 28 20 31 26 -1 13 -3 21 13 5 9Soybean Meal 7 11 12 15 11 53 89 37 17 33 16 18 18 20 3 10 15 10 16 1 9HRW Wheat -2 7 6 6 6 60 33 93 14 33 7 19 6 12 3 6 4 11 17 4 4

Copper 6 33 33 31 26 10 20 7 28 16 7 53 58 60 -3 23 5 24 17 3 11Alumnium 8 34 34 32 28 17 21 19 20 18 19 53 47 48 3 18 -5 21 11 -4 12

Zinc 12 21 22 22 16 13 25 6 31 18 6 58 47 49 6 21 4 25 15 -3 8Nickel 7 36 34 31 22 14 27 13 26 20 12 60 48 49 0 25 8 32 25 -8 9Gold -3 -7 -7 -3 -7 2 1 5 -1 3 3 -3 3 6 0 78 3 7 -2 -21 1Silver -2 10 9 12 7 3 12 8 13 10 6 23 18 21 25 78 3 17 11 -13 1Sugar 4 12 11 12 8 4 11 6 -3 15 4 5 -5 4 8 3 3 28 6 7 3Coffee -3 27 25 23 14 11 18 12 21 10 11 24 21 25 32 7 17 28 26 6 4Cotton -3 12 12 9 8 24 18 19 13 16 17 17 11 15 25 -2 11 6 26 -2 -4

Live Cattle -6 6 6 6 5 -4 4 1 5 1 4 3 -4 -3 -8 -21 -13 7 6 -2 17Lean Hogs 2 11 11 13 7 9 11 4 9 9 4 11 12 8 9 1 1 3 4 -4 17

SampP 500 Total Return Index 5 45 44 40 39 9 19 10 18 13 13 34 28 23 36 -32 -7 3 27 15 14 12SampP Energy 18 78 76 73 64 11 18 8 24 10 11 40 37 24 40 -14 5 3 24 15 5 12

SampP Financial 8 41 40 36 35 5 15 5 16 11 6 41 30 29 33 -43 -14 2 21 12 15 4SampP Health Care -1 26 25 22 21 5 12 9 8 10 11 26 19 15 29 -28 -6 4 19 10 11 5

SampP Consumer Discretionary 2 30 29 26 26 9 17 11 13 13 14 26 24 16 30 -31 -10 2 21 15 14 11SampP IT -1 32 31 28 31 9 15 11 15 12 14 19 20 15 26 -29 -10 0 25 15 15 10

SampP Utilities 3 9 9 9 3 4 10 11 5 8 14 -3 1 7 8 8 12 8 18 5 5 11SampP Consumers Staples 1 17 17 14 13 3 12 8 10 8 10 5 7 9 15 -11 1 6 20 3 10 19

SampP Industrials 6 43 41 37 36 7 19 6 22 12 10 40 30 27 38 -27 0 3 25 13 11 13SampP Telecommunication 5 25 26 25 17 6 13 6 10 11 8 12 12 13 13 -1 9 1 16 11 8 18

SampP Materials 9 54 52 48 43 13 22 8 26 14 10 43 31 28 39 -19 5 2 31 14 9 12US Treasury -6 -36 -35 -32 -36 -2 -5 0 -8 -3 -1 -34 -21 -17 -26 43 23 4 -6 -14 -14 1

USD IG Corporate -2 -25 -24 -23 -27 0 1 4 -2 1 4 -25 -16 -12 -19 31 22 9 1 -5 -10 2USD HY Corporate 2 46 47 43 36 8 14 15 17 13 16 30 25 20 29 -22 5 11 28 18 11 8

Bloomberg US Dollar Spot -2 -27 -24 -24 -22 -14 -18 -17 -19 -14 -15 -17 -23 -17 -18 -36 -41 -10 -35 -13 6 1EURUSD 2 2 0 2 0 8 8 12 15 4 10 14 17 9 11 43 44 4 23 7 -2 -1JPYUSD -6 -21 -22 -19 -17 4 -9 5 -11 -4 3 -19 -4 -11 -17 65 39 4 -2 -12 -16 -5CADUSD 9 56 54 53 44 16 17 17 33 10 14 37 36 33 37 21 41 3 36 19 -1 8MXNUSD 3 46 45 41 40 19 26 17 28 20 15 23 27 27 35 -1 18 11 37 15 -1 4GBPUSD 0 26 25 24 25 5 8 8 17 6 9 26 21 17 20 -1 18 -5 23 18 2 -2AUDUSD -2 35 34 34 30 15 21 16 29 16 15 41 41 41 38 18 40 10 43 20 1 1CHFUSD 1 -6 -9 -7 -8 1 0 8 9 -4 8 4 11 2 2 43 40 7 16 -1 -4 -1KRWUSD 4 22 21 20 20 8 16 10 24 11 7 27 21 28 29 23 41 13 39 13 -4 1CNYUSD -1 7 7 9 8 9 5 10 11 5 9 23 17 15 18 12 23 2 21 12 2 0

Nat

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Natural Gas 15 14 14 12 9 6 6 7 4 6 1 5 2 2 -2 0 1 1 -3 3 5WTI Crude 15 94 90 83 12 19 6 32 10 8 35 30 23 27 12 22 15 16 17 11 10

Brent Crude 14 94 96 88 11 19 6 31 10 8 33 27 22 26 10 19 12 14 17 10 8ULS Diesel 14 90 96 85 12 20 7 30 12 8 31 26 21 25 11 20 13 13 16 9 9

Unleaded Gasoline 12 83 88 85 10 16 5 29 9 7 29 25 19 21 10 19 9 9 15 9 6Corn 9 12 11 12 10 59 67 36 54 64 12 12 8 13 8 12 12 11 14 7 6

Soybeans 6 19 19 20 16 59 42 61 91 40 22 19 19 20 10 19 14 12 16 7 6Wheat 6 6 6 7 5 67 42 26 39 95 9 8 5 10 9 11 11 14 13 5 2

Soybean Oil 7 32 31 30 29 36 61 26 31 25 28 25 27 24 16 26 9 17 19 11 7Soybean Meal 4 10 10 12 9 54 91 39 31 36 15 12 12 11 7 13 13 7 12 3 3HRW Wheat 6 8 8 8 7 64 40 95 25 36 8 8 4 10 9 10 10 11 12 7 2

Copper 1 35 33 31 29 12 22 9 28 15 8 62 65 57 29 44 14 14 22 9 10Alumnium 5 30 27 26 25 12 19 8 25 12 8 62 62 51 25 34 12 12 16 7 10

Zinc 2 23 22 21 19 8 19 5 27 12 4 65 62 53 24 33 14 14 15 6 10Nickel 2 27 26 25 21 13 20 10 24 11 10 57 51 53 18 29 14 14 20 2 7Gold -2 12 10 11 10 8 10 9 16 7 9 29 25 24 18 84 8 14 10 -1 2Silver 0 22 19 20 19 12 19 11 26 13 10 44 34 33 29 84 11 19 15 4 4Sugar 1 15 12 13 9 12 14 11 9 13 10 14 12 14 14 8 11 25 12 7 6Coffee 1 16 14 13 9 11 12 14 17 7 11 14 12 14 14 14 19 25 12 4 7Cotton -3 17 17 16 15 14 16 13 19 12 12 22 16 15 20 10 15 12 12 5 3

Live Cattle 3 11 10 9 9 7 7 5 11 3 7 9 7 6 2 -1 4 7 4 5 26Lean Hogs 5 10 8 9 6 6 6 2 7 3 2 10 10 10 7 2 4 6 7 3 26

SampP 500 Total Return Index 0 36 36 33 30 7 13 4 17 7 6 31 24 21 26 -2 10 9 6 21 12 5SampP Energy 13 67 65 63 56 10 15 6 24 7 9 35 28 23 27 8 19 14 10 21 9 6

SampP Financial 0 32 32 30 26 4 12 2 16 6 3 31 23 21 25 -8 7 9 6 19 11 2SampP Health Care -2 19 19 17 15 3 8 2 9 5 3 20 16 13 19 -5 4 5 4 15 9 2

SampP Consumer Discretionary -3 26 26 24 22 6 11 5 13 7 6 26 20 16 23 -7 4 6 3 18 11 4SampP IT -4 28 28 26 25 6 12 3 15 6 5 25 21 18 23 -2 9 6 6 18 11 4

SampP Utilities 2 10 9 8 6 2 3 4 3 0 6 6 2 4 4 8 7 8 2 12 3 1SampP Consumers Staples 0 17 17 15 13 3 7 4 9 3 5 16 12 10 15 1 7 8 2 13 8 6

SampP Industrials -1 33 32 30 28 7 14 4 17 8 6 34 25 23 26 -2 11 9 6 19 9 5SampP Telecommunication 1 20 20 19 16 3 6 2 6 3 3 14 12 10 11 2 8 5 3 12 7 5

SampP Materials 2 45 44 40 37 10 16 5 22 8 8 40 30 27 31 10 20 12 9 21 11 5US Treasury -2 -28 -27 -25 -23 -5 -10 -4 -14 -6 -5 -24 -18 -14 -17 22 8 -1 -2 -10 -7 -2

USD IG Corporate -2 -22 -20 -18 -16 -3 -5 -3 -9 -2 -3 -17 -12 -7 -10 19 9 4 1 -5 -3 -2USD HY Corporate 0 29 31 30 23 9 15 5 17 11 6 25 24 22 24 -2 11 12 12 15 13 6

Bloomberg US Dollar Spot -5 -28 -24 -24 -21 -11 -14 -12 -14 -10 -12 -25 -19 -17 -15 -38 -35 -14 -19 -21 -1 -7EURUSD 5 14 10 11 9 7 9 13 11 6 12 27 21 17 15 38 35 9 14 18 -2 5JPYUSD -3 -10 -11 -9 -8 4 -2 5 -9 3 4 -10 -6 -7 -11 40 23 2 4 -1 -7 0CADUSD 5 47 46 44 38 12 19 12 27 12 11 36 29 27 28 30 36 14 22 20 6 9MXNUSD 2 38 37 35 32 13 21 10 23 15 10 32 28 27 29 20 28 19 21 18 5 5GBPUSD 2 23 20 19 18 5 10 8 13 7 8 27 21 18 17 21 26 5 13 16 5 3AUDUSD 1 30 29 28 24 12 20 12 23 14 12 37 28 33 28 35 38 17 23 20 7 7CHFUSD 2 6 3 4 2 4 2 8 9 -1 8 20 17 13 9 37 30 9 8 12 -3 4KRWUSD 1 20 18 18 15 7 14 7 17 10 7 28 22 25 23 26 31 13 20 14 2 4CNYUSD 3 7 7 8 4 9 7 9 9 5 9 9 8 8 9 4 8 -1 10 5 2 -1

Curr

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CORRELATION BCOM Singles vs Equities vs Bond vs Currency

5-Year

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Bloomberg Commodity 60 -10 -3 -2 -4 64 62 69 61 16 -6 34 -24 7 3 4 15Energy 67 -15 -2 0 -7 75 75 78 74 16 -2 29 -14 -6 -2 -8 3

Petroleum 72 -3 -6 -5 -7 78 79 81 78 1 -4 6 -5 3 -7 -6 12Agriculture 23 -10 -1 -1 -1 25 25 22 25 6 -18 28 -35 15 7 1 25

Grains 13 -9 4 5 0 14 15 12 15 -2 -21 19 -28 11 -2 -1 22Industrial Metals 45 7 -7 -5 -10 43 40 45 40 1 4 0 -2 10 3 16 6Precious Metals 13 11 -1 -4 9 5 -1 21 -1 14 6 16 -4 15 8 33 -2

Softs 24 -12 -8 -10 1 29 27 25 27 25 1 40 -37 12 23 7 13Livestock 9 2 29 29 10 5 4 1 4 7 -10 23 2 3 -26 0 17

Natural Gas 15 -27 11 13 -5 23 21 21 20 39 4 60 -22 -18 12 -4 -15WTI Crude 68 -3 -2 -1 -3 73 74 74 74 3 -2 8 -8 5 -8 -3 13

Brent Crude 71 -6 -9 -8 -10 77 78 82 77 2 -3 8 -5 0 -8 -7 9ULS Diesel 68 -11 -9 -8 -7 75 75 85 74 3 -3 9 -11 -3 -3 -10 6

Unleaded Gasoline 80 3 -7 -5 -11 84 85 77 85 -8 -10 -1 2 6 -3 -13 19Corn 10 -9 4 5 1 11 11 12 11 -2 -21 19 -24 8 0 -5 21

Soybeans 24 -6 -8 -6 -8 26 26 24 26 -3 -16 13 -30 18 0 3 24Wheat 1 -12 16 16 9 2 3 -8 3 -1 -22 21 -25 6 -7 1 17

Soybean Oil 32 12 -17 -17 -8 30 29 14 30 2 -10 13 -6 22 11 2 32Soybean Meal 18 -9 1 2 -4 21 22 26 22 -5 -15 8 -34 16 0 0 19HRW Wheat 8 -10 20 20 7 8 7 -2 7 12 -12 31 -17 3 -12 2 18

Copper 47 6 -13 -12 -11 45 44 49 43 -5 5 -12 6 4 -8 14 1Alumnium 36 2 -4 -5 0 34 33 33 33 -8 -9 -2 -5 5 13 4 5

Zinc 37 9 -19 -16 -19 36 32 40 32 8 12 3 -6 15 9 24 6Nickel 32 6 18 21 -6 29 25 31 25 20 10 24 -9 15 4 19 14Gold 7 10 3 -1 13 -1 -7 16 -7 13 5 17 -2 14 8 31 -2Silver 23 10 -8 -9 1 17 11 28 11 13 8 14 -7 17 10 31 -1Sugar 15 -12 -26 -28 -1 22 22 22 22 10 -1 18 -31 9 10 11 10Coffee 17 -13 21 21 9 18 14 11 14 37 8 51 -30 5 26 -4 2Cotton 29 6 -15 -13 -13 28 25 27 25 12 -6 27 -18 20 14 12 27

Live Cattle 15 -1 20 20 6 13 12 11 12 3 3 3 8 -5 -21 5 7Lean Hogs 2 4 29 28 10 -3 -4 -7 -4 9 -15 31 0 8 -21 -2 17

SampP 500 Total Return Index 38 -31 -11 -10 -9 46 45 37 45 9 10 3 -19 -23 -25 -4 -3US Treasury -54 0 12 6 29 -57 -58 -40 -58 7 3 8 9 -8 -6 22 -17

USD IG Corporate -11 -14 3 -2 21 -8 -9 5 -9 16 6 19 -1 -18 -8 10 -15USD HY Corporate 43 -15 -13 -14 1 52 51 60 51 14 4 20 -4 -13 -13 0 -3

Bloomberg US Dollar Spot -47 -3 -1 -1 -1 -45 -42 -40 -42 -11 -1 -19 2 -5 5 -5 -14

All i

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Bloomberg Commodity 68 5 3 7 -13 69 67 67 66 30 -3 40 -1 9 1 6 19Energy 68 -1 7 11 -12 73 71 69 69 38 -2 48 -3 4 -1 1 13

Petroleum 72 3 6 9 -9 76 77 72 76 22 1 29 1 6 -1 3 16Agriculture 29 7 0 0 -6 27 27 26 27 4 -5 9 -1 10 7 4 15

Grains 24 7 4 5 -1 20 21 21 20 0 -4 5 -1 11 9 2 11Industrial Metals 43 7 -9 -6 -14 44 43 42 43 11 1 14 3 6 0 8 10Precious Metals 29 5 1 1 2 26 24 27 24 11 6 11 4 5 -6 16 15

Softs 26 2 -10 -8 -14 28 27 22 27 11 -2 15 1 0 -3 4 17Livestock 14 -5 18 21 -8 11 9 8 9 14 7 14 -12 7 2 7 4

Natural Gas 36 -7 6 11 -15 39 33 38 32 48 -4 62 -4 -3 -2 -6 2WTI Crude 67 4 7 10 -7 71 72 69 71 21 2 27 0 8 1 5 16

Brent Crude 70 4 7 9 -9 73 75 70 74 18 2 23 3 6 -1 3 15ULS Diesel 70 0 9 11 -6 73 73 77 72 26 2 33 0 2 -5 0 17

Unleaded Gasoline 79 3 3 7 -12 83 84 67 84 20 -4 27 5 2 -4 -2 15Corn 23 5 8 9 -1 20 19 21 19 3 -5 8 3 5 5 -5 9

Soybeans 23 7 -2 -1 -7 20 21 22 21 -1 -1 1 -3 12 9 3 16Wheat 16 7 4 3 6 13 13 10 13 -1 -6 4 -4 12 12 10 3

Soybean Oil 31 15 -1 0 -5 26 25 24 24 4 -3 8 4 17 12 8 16Soybean Meal 17 3 0 1 -5 16 17 18 17 -1 2 -1 -5 9 5 -1 15HRW Wheat 23 8 5 3 5 21 20 16 20 6 -1 9 2 9 8 11 2

Copper 43 9 -11 -9 -11 42 43 40 42 9 0 10 9 5 -3 7 13Alumnium 41 5 1 3 -8 41 40 45 39 19 2 23 0 7 4 3 9

Zinc 24 6 -22 -20 -16 26 26 21 26 1 -1 1 6 3 2 4 2Nickel 32 -4 -5 0 -18 35 36 30 36 5 -1 9 -11 4 -2 12 7Gold 27 4 6 5 7 24 22 24 21 12 10 10 3 5 -6 15 15Silver 28 6 -6 -5 -5 26 24 27 23 10 2 11 5 3 -4 15 12Sugar 18 6 -11 -10 -5 19 17 14 17 11 3 13 10 0 -3 5 12Coffee 12 3 -2 1 -9 13 13 8 13 3 1 6 1 -2 2 -4 1Cotton 27 -7 -7 -3 -18 29 29 32 29 8 -7 13 -1 -6 -9 4 18

Live Cattle 20 -7 20 24 -8 19 17 12 17 15 11 12 -15 8 6 9 3Lean Hogs 3 -4 12 14 -6 2 -1 2 -1 9 3 12 -8 2 -3 4 4

CORRELATION US CPI vs BCOM Indices amp Other Benchmarks

20-Year

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CORRELATION World CPI vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 60 28 23 51 59 37 28 -64 25 20 38 59 64 45 -64 -17 11 39 80Energy 67 42 34 63 70 43 47 -76 31 19 39 77 75 47 -66 13 20 56 78

Petroleum 72 57 18 83 85 68 59 -86 59 24 59 67 76 66 -78 -3 36 69 65Agriculture 23 -2 -21 22 25 18 15 -21 16 -2 13 7 27 37 -45 -47 -19 14 43

Grains 13 0 -38 39 35 36 41 -30 44 -20 18 3 37 60 -32 -38 -22 43 13Industrial Metals 45 -11 46 4 8 -10 -10 -33 -20 5 -1 27 32 4 -16 -1 -5 -2 66Precious Metals 13 14 -35 6 11 25 -29 14 21 34 42 -20 -16 18 -22 -78 21 -10 -13

Softs 24 -1 19 -23 -9 -22 -41 10 -38 33 -1 5 -12 -29 -34 -32 5 -46 55Livestock 9 20 71 24 34 17 15 -57 7 43 25 69 57 0 -31 33 37 15 58

Natural Gas 15 5 52 -2 14 -24 6 -24 -35 6 -11 66 36 -14 -14 41 -13 7 69WTI Crude 68 53 30 76 79 61 55 -85 50 25 52 70 76 55 -73 9 38 62 69

Brent Crude 71 62 14 84 88 72 57 -85 61 27 64 67 73 67 -81 -9 37 68 63ULS Diesel 68 61 12 88 90 76 58 -87 67 25 67 69 75 74 -73 -5 37 75 56

Unleaded Gasoline 80 61 -4 90 91 78 67 -78 72 22 67 61 70 81 -79 -22 33 81 47Corn 10 11 -59 42 40 45 37 -17 54 -16 30 -3 27 66 -22 -49 -16 51 -13

Soybeans 24 4 -8 39 35 28 39 -48 28 -13 10 13 44 44 -57 -23 -15 28 55Wheat 1 -33 -29 4 -1 -1 28 -1 12 -39 -18 -11 17 31 5 -18 -42 21 0

Soybean Oil 32 10 -58 7 8 12 -11 17 12 -4 17 -34 -20 27 -38 -70 -16 -2 2Soybean Meal 18 -13 9 32 24 23 38 -52 26 -15 0 12 50 37 -34 -3 -15 25 45HRW Wheat 8 -7 6 31 33 20 41 -42 25 -15 11 37 54 45 -19 -6 -19 41 38

Copper 47 7 28 37 35 19 21 -52 12 -5 16 37 49 37 -32 -2 -3 33 60Alumnium 36 -21 40 -20 -14 -29 -32 -5 -38 7 -12 10 7 -18 7 -4 -10 -22 47

Zinc 37 -23 39 -12 -10 -24 -27 -18 -34 -3 -16 5 17 -11 -8 -3 -15 -21 60Nickel 32 -7 64 8 17 -4 -2 -45 -15 20 8 44 46 1 -22 7 8 0 74Gold 7 18 -34 11 16 32 -26 7 29 38 48 -21 -11 22 -25 -77 29 -6 -18Silver 23 2 -31 -7 0 4 -32 27 -1 22 24 -16 -26 9 -14 -72 3 -18 0Sugar 15 21 -24 4 10 9 -16 4 0 19 18 -20 -18 0 -55 -60 9 -24 27Coffee 17 -12 62 -25 -11 -22 -50 -7 -38 53 4 31 15 -34 -11 -4 23 -42 55Cotton 29 -13 0 -31 -22 -49 -10 35 -55 -23 -42 14 -26 -27 10 27 -42 -20 38

Live Cattle 15 -9 76 4 6 2 -9 -38 -3 34 9 48 46 -12 17 42 31 2 22Lean Hogs 2 41 36 34 49 24 32 -52 14 33 30 60 44 13 -67 7 27 22 70

SampP 500 Total Return Index 38 -5 44 32 28 7 44 -59 2 -24 -10 45 59 19 -14 50 -13 34 65US Treasury -54 -11 10 -25 -17 -11 -14 10 -6 15 -4 -8 -1 -31 3 -13 12 -33 -13

USD IG Corporate -11 2 2 2 4 13 -1 -15 13 17 10 -5 14 -8 -25 -33 10 -21 10USD HY Corporate 43 29 -23 32 32 34 18 -33 28 2 26 0 19 26 -45 -35 -6 12 30

Bloomberg US Dollar Spot -47 -46 -1 -39 -51 -30 -20 35 -17 -30 -40 -44 -27 -30 80 39 -16 -22 -69

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Bloomberg Commodity 78 44 2 54 17 69 -34 20 67 20 35 0 -15 3 67Energy 75 26 8 50 3 63 -42 31 69 18 40 15 -1 18 69

Petroleum 80 38 5 58 16 72 -36 22 67 15 37 8 -4 8 72Agriculture 46 64 9 49 38 54 -1 6 39 26 13 -16 -33 -17 34

Grains 42 62 6 53 34 54 -4 3 34 19 15 -18 -27 -17 28Industrial Metals 51 23 -4 23 10 34 -23 -8 32 -6 13 -9 -10 -10 42Precious Metals 40 35 -31 26 40 49 0 -7 29 19 22 -33 -20 -31 35

Softs 30 34 6 17 29 27 3 14 34 30 3 4 -27 -1 27Livestock 38 32 22 31 0 28 -34 17 37 0 17 3 -20 5 20

Natural Gas 53 10 27 25 -14 32 -37 33 55 22 27 25 2 24 46WTI Crude 79 36 9 56 14 71 -37 21 66 15 36 11 0 10 73

Brent Crude 81 36 0 59 23 73 -34 15 66 16 37 9 -1 9 73ULS Diesel 81 45 3 60 21 75 -36 25 70 17 42 0 -11 0 71

Unleaded Gasoline 77 37 -6 56 18 69 -30 21 66 16 32 3 -10 6 61Corn 39 58 6 49 48 47 6 -4 35 19 18 -14 -21 -15 19

Soybeans 33 57 8 43 24 50 -3 13 25 21 6 -18 -34 -18 25Wheat 38 52 2 46 15 45 -18 1 31 -1 20 -27 -19 -22 30

Soybean Oil 48 58 1 48 28 59 -2 3 34 36 15 -22 -29 -16 35Soybean Meal 22 46 2 38 14 40 -16 13 20 0 15 -22 -34 -21 22HRW Wheat 54 54 12 55 29 54 -15 -7 44 15 26 -12 -14 -14 45

Copper 55 30 -5 29 16 42 -17 -10 30 -1 16 -11 -14 -16 45Alumnium 63 28 5 33 9 44 -29 1 46 5 19 -4 -4 1 54

Zinc 22 0 -1 -4 -4 -2 -14 -15 4 -20 -9 -2 -10 -8 9Nickel 29 3 -17 5 -2 20 -29 1 27 -19 11 -9 0 -5 28Gold 39 34 -34 26 38 52 -4 0 31 7 31 -42 -20 -40 36Silver 38 32 -21 22 35 37 1 -15 24 29 8 -15 -14 -14 30Sugar 37 12 -19 16 14 33 -13 26 40 19 30 -11 -29 -7 33Coffee 20 34 41 12 26 8 5 -2 15 27 -30 33 -10 12 19Cotton 18 38 -2 2 27 12 18 10 25 3 5 -11 -12 -20 10

Live Cattle 32 30 24 23 -6 29 -39 24 39 1 11 2 -10 1 17Lean Hogs 32 27 10 31 6 22 -23 10 26 -3 21 -4 -33 3 16

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CPI by Country

CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

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Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

20-Year

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

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CommodityLong Position Short Position Net Position

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Bloomberg Commodity 60 -10 -3 -2 -4 64 62 69 61 16 -6 34 -24 7 3 4 15Energy 67 -15 -2 0 -7 75 75 78 74 16 -2 29 -14 -6 -2 -8 3

Petroleum 72 -3 -6 -5 -7 78 79 81 78 1 -4 6 -5 3 -7 -6 12Agriculture 23 -10 -1 -1 -1 25 25 22 25 6 -18 28 -35 15 7 1 25

Grains 13 -9 4 5 0 14 15 12 15 -2 -21 19 -28 11 -2 -1 22Industrial Metals 45 7 -7 -5 -10 43 40 45 40 1 4 0 -2 10 3 16 6Precious Metals 13 11 -1 -4 9 5 -1 21 -1 14 6 16 -4 15 8 33 -2

Softs 24 -12 -8 -10 1 29 27 25 27 25 1 40 -37 12 23 7 13Livestock 9 2 29 29 10 5 4 1 4 7 -10 23 2 3 -26 0 17

Natural Gas 15 -27 11 13 -5 23 21 21 20 39 4 60 -22 -18 12 -4 -15WTI Crude 68 -3 -2 -1 -3 73 74 74 74 3 -2 8 -8 5 -8 -3 13

Brent Crude 71 -6 -9 -8 -10 77 78 82 77 2 -3 8 -5 0 -8 -7 9ULS Diesel 68 -11 -9 -8 -7 75 75 85 74 3 -3 9 -11 -3 -3 -10 6

Unleaded Gasoline 80 3 -7 -5 -11 84 85 77 85 -8 -10 -1 2 6 -3 -13 19Corn 10 -9 4 5 1 11 11 12 11 -2 -21 19 -24 8 0 -5 21

Soybeans 24 -6 -8 -6 -8 26 26 24 26 -3 -16 13 -30 18 0 3 24Wheat 1 -12 16 16 9 2 3 -8 3 -1 -22 21 -25 6 -7 1 17

Soybean Oil 32 12 -17 -17 -8 30 29 14 30 2 -10 13 -6 22 11 2 32Soybean Meal 18 -9 1 2 -4 21 22 26 22 -5 -15 8 -34 16 0 0 19HRW Wheat 8 -10 20 20 7 8 7 -2 7 12 -12 31 -17 3 -12 2 18

Copper 47 6 -13 -12 -11 45 44 49 43 -5 5 -12 6 4 -8 14 1Alumnium 36 2 -4 -5 0 34 33 33 33 -8 -9 -2 -5 5 13 4 5

Zinc 37 9 -19 -16 -19 36 32 40 32 8 12 3 -6 15 9 24 6Nickel 32 6 18 21 -6 29 25 31 25 20 10 24 -9 15 4 19 14Gold 7 10 3 -1 13 -1 -7 16 -7 13 5 17 -2 14 8 31 -2Silver 23 10 -8 -9 1 17 11 28 11 13 8 14 -7 17 10 31 -1Sugar 15 -12 -26 -28 -1 22 22 22 22 10 -1 18 -31 9 10 11 10Coffee 17 -13 21 21 9 18 14 11 14 37 8 51 -30 5 26 -4 2Cotton 29 6 -15 -13 -13 28 25 27 25 12 -6 27 -18 20 14 12 27

Live Cattle 15 -1 20 20 6 13 12 11 12 3 3 3 8 -5 -21 5 7Lean Hogs 2 4 29 28 10 -3 -4 -7 -4 9 -15 31 0 8 -21 -2 17

SampP 500 Total Return Index 38 -31 -11 -10 -9 46 45 37 45 9 10 3 -19 -23 -25 -4 -3US Treasury -54 0 12 6 29 -57 -58 -40 -58 7 3 8 9 -8 -6 22 -17

USD IG Corporate -11 -14 3 -2 21 -8 -9 5 -9 16 6 19 -1 -18 -8 10 -15USD HY Corporate 43 -15 -13 -14 1 52 51 60 51 14 4 20 -4 -13 -13 0 -3

Bloomberg US Dollar Spot -47 -3 -1 -1 -1 -45 -42 -40 -42 -11 -1 -19 2 -5 5 -5 -14

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Bloomberg Commodity 68 5 3 7 -13 69 67 67 66 30 -3 40 -1 9 1 6 19Energy 68 -1 7 11 -12 73 71 69 69 38 -2 48 -3 4 -1 1 13

Petroleum 72 3 6 9 -9 76 77 72 76 22 1 29 1 6 -1 3 16Agriculture 29 7 0 0 -6 27 27 26 27 4 -5 9 -1 10 7 4 15

Grains 24 7 4 5 -1 20 21 21 20 0 -4 5 -1 11 9 2 11Industrial Metals 43 7 -9 -6 -14 44 43 42 43 11 1 14 3 6 0 8 10Precious Metals 29 5 1 1 2 26 24 27 24 11 6 11 4 5 -6 16 15

Softs 26 2 -10 -8 -14 28 27 22 27 11 -2 15 1 0 -3 4 17Livestock 14 -5 18 21 -8 11 9 8 9 14 7 14 -12 7 2 7 4

Natural Gas 36 -7 6 11 -15 39 33 38 32 48 -4 62 -4 -3 -2 -6 2WTI Crude 67 4 7 10 -7 71 72 69 71 21 2 27 0 8 1 5 16

Brent Crude 70 4 7 9 -9 73 75 70 74 18 2 23 3 6 -1 3 15ULS Diesel 70 0 9 11 -6 73 73 77 72 26 2 33 0 2 -5 0 17

Unleaded Gasoline 79 3 3 7 -12 83 84 67 84 20 -4 27 5 2 -4 -2 15Corn 23 5 8 9 -1 20 19 21 19 3 -5 8 3 5 5 -5 9

Soybeans 23 7 -2 -1 -7 20 21 22 21 -1 -1 1 -3 12 9 3 16Wheat 16 7 4 3 6 13 13 10 13 -1 -6 4 -4 12 12 10 3

Soybean Oil 31 15 -1 0 -5 26 25 24 24 4 -3 8 4 17 12 8 16Soybean Meal 17 3 0 1 -5 16 17 18 17 -1 2 -1 -5 9 5 -1 15HRW Wheat 23 8 5 3 5 21 20 16 20 6 -1 9 2 9 8 11 2

Copper 43 9 -11 -9 -11 42 43 40 42 9 0 10 9 5 -3 7 13Alumnium 41 5 1 3 -8 41 40 45 39 19 2 23 0 7 4 3 9

Zinc 24 6 -22 -20 -16 26 26 21 26 1 -1 1 6 3 2 4 2Nickel 32 -4 -5 0 -18 35 36 30 36 5 -1 9 -11 4 -2 12 7Gold 27 4 6 5 7 24 22 24 21 12 10 10 3 5 -6 15 15Silver 28 6 -6 -5 -5 26 24 27 23 10 2 11 5 3 -4 15 12Sugar 18 6 -11 -10 -5 19 17 14 17 11 3 13 10 0 -3 5 12Coffee 12 3 -2 1 -9 13 13 8 13 3 1 6 1 -2 2 -4 1Cotton 27 -7 -7 -3 -18 29 29 32 29 8 -7 13 -1 -6 -9 4 18

Live Cattle 20 -7 20 24 -8 19 17 12 17 15 11 12 -15 8 6 9 3Lean Hogs 3 -4 12 14 -6 2 -1 2 -1 9 3 12 -8 2 -3 4 4

CORRELATION US CPI vs BCOM Indices amp Other Benchmarks

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CORRELATION World CPI vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 60 28 23 51 59 37 28 -64 25 20 38 59 64 45 -64 -17 11 39 80Energy 67 42 34 63 70 43 47 -76 31 19 39 77 75 47 -66 13 20 56 78

Petroleum 72 57 18 83 85 68 59 -86 59 24 59 67 76 66 -78 -3 36 69 65Agriculture 23 -2 -21 22 25 18 15 -21 16 -2 13 7 27 37 -45 -47 -19 14 43

Grains 13 0 -38 39 35 36 41 -30 44 -20 18 3 37 60 -32 -38 -22 43 13Industrial Metals 45 -11 46 4 8 -10 -10 -33 -20 5 -1 27 32 4 -16 -1 -5 -2 66Precious Metals 13 14 -35 6 11 25 -29 14 21 34 42 -20 -16 18 -22 -78 21 -10 -13

Softs 24 -1 19 -23 -9 -22 -41 10 -38 33 -1 5 -12 -29 -34 -32 5 -46 55Livestock 9 20 71 24 34 17 15 -57 7 43 25 69 57 0 -31 33 37 15 58

Natural Gas 15 5 52 -2 14 -24 6 -24 -35 6 -11 66 36 -14 -14 41 -13 7 69WTI Crude 68 53 30 76 79 61 55 -85 50 25 52 70 76 55 -73 9 38 62 69

Brent Crude 71 62 14 84 88 72 57 -85 61 27 64 67 73 67 -81 -9 37 68 63ULS Diesel 68 61 12 88 90 76 58 -87 67 25 67 69 75 74 -73 -5 37 75 56

Unleaded Gasoline 80 61 -4 90 91 78 67 -78 72 22 67 61 70 81 -79 -22 33 81 47Corn 10 11 -59 42 40 45 37 -17 54 -16 30 -3 27 66 -22 -49 -16 51 -13

Soybeans 24 4 -8 39 35 28 39 -48 28 -13 10 13 44 44 -57 -23 -15 28 55Wheat 1 -33 -29 4 -1 -1 28 -1 12 -39 -18 -11 17 31 5 -18 -42 21 0

Soybean Oil 32 10 -58 7 8 12 -11 17 12 -4 17 -34 -20 27 -38 -70 -16 -2 2Soybean Meal 18 -13 9 32 24 23 38 -52 26 -15 0 12 50 37 -34 -3 -15 25 45HRW Wheat 8 -7 6 31 33 20 41 -42 25 -15 11 37 54 45 -19 -6 -19 41 38

Copper 47 7 28 37 35 19 21 -52 12 -5 16 37 49 37 -32 -2 -3 33 60Alumnium 36 -21 40 -20 -14 -29 -32 -5 -38 7 -12 10 7 -18 7 -4 -10 -22 47

Zinc 37 -23 39 -12 -10 -24 -27 -18 -34 -3 -16 5 17 -11 -8 -3 -15 -21 60Nickel 32 -7 64 8 17 -4 -2 -45 -15 20 8 44 46 1 -22 7 8 0 74Gold 7 18 -34 11 16 32 -26 7 29 38 48 -21 -11 22 -25 -77 29 -6 -18Silver 23 2 -31 -7 0 4 -32 27 -1 22 24 -16 -26 9 -14 -72 3 -18 0Sugar 15 21 -24 4 10 9 -16 4 0 19 18 -20 -18 0 -55 -60 9 -24 27Coffee 17 -12 62 -25 -11 -22 -50 -7 -38 53 4 31 15 -34 -11 -4 23 -42 55Cotton 29 -13 0 -31 -22 -49 -10 35 -55 -23 -42 14 -26 -27 10 27 -42 -20 38

Live Cattle 15 -9 76 4 6 2 -9 -38 -3 34 9 48 46 -12 17 42 31 2 22Lean Hogs 2 41 36 34 49 24 32 -52 14 33 30 60 44 13 -67 7 27 22 70

SampP 500 Total Return Index 38 -5 44 32 28 7 44 -59 2 -24 -10 45 59 19 -14 50 -13 34 65US Treasury -54 -11 10 -25 -17 -11 -14 10 -6 15 -4 -8 -1 -31 3 -13 12 -33 -13

USD IG Corporate -11 2 2 2 4 13 -1 -15 13 17 10 -5 14 -8 -25 -33 10 -21 10USD HY Corporate 43 29 -23 32 32 34 18 -33 28 2 26 0 19 26 -45 -35 -6 12 30

Bloomberg US Dollar Spot -47 -46 -1 -39 -51 -30 -20 35 -17 -30 -40 -44 -27 -30 80 39 -16 -22 -69

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Bloomberg Commodity 78 44 2 54 17 69 -34 20 67 20 35 0 -15 3 67Energy 75 26 8 50 3 63 -42 31 69 18 40 15 -1 18 69

Petroleum 80 38 5 58 16 72 -36 22 67 15 37 8 -4 8 72Agriculture 46 64 9 49 38 54 -1 6 39 26 13 -16 -33 -17 34

Grains 42 62 6 53 34 54 -4 3 34 19 15 -18 -27 -17 28Industrial Metals 51 23 -4 23 10 34 -23 -8 32 -6 13 -9 -10 -10 42Precious Metals 40 35 -31 26 40 49 0 -7 29 19 22 -33 -20 -31 35

Softs 30 34 6 17 29 27 3 14 34 30 3 4 -27 -1 27Livestock 38 32 22 31 0 28 -34 17 37 0 17 3 -20 5 20

Natural Gas 53 10 27 25 -14 32 -37 33 55 22 27 25 2 24 46WTI Crude 79 36 9 56 14 71 -37 21 66 15 36 11 0 10 73

Brent Crude 81 36 0 59 23 73 -34 15 66 16 37 9 -1 9 73ULS Diesel 81 45 3 60 21 75 -36 25 70 17 42 0 -11 0 71

Unleaded Gasoline 77 37 -6 56 18 69 -30 21 66 16 32 3 -10 6 61Corn 39 58 6 49 48 47 6 -4 35 19 18 -14 -21 -15 19

Soybeans 33 57 8 43 24 50 -3 13 25 21 6 -18 -34 -18 25Wheat 38 52 2 46 15 45 -18 1 31 -1 20 -27 -19 -22 30

Soybean Oil 48 58 1 48 28 59 -2 3 34 36 15 -22 -29 -16 35Soybean Meal 22 46 2 38 14 40 -16 13 20 0 15 -22 -34 -21 22HRW Wheat 54 54 12 55 29 54 -15 -7 44 15 26 -12 -14 -14 45

Copper 55 30 -5 29 16 42 -17 -10 30 -1 16 -11 -14 -16 45Alumnium 63 28 5 33 9 44 -29 1 46 5 19 -4 -4 1 54

Zinc 22 0 -1 -4 -4 -2 -14 -15 4 -20 -9 -2 -10 -8 9Nickel 29 3 -17 5 -2 20 -29 1 27 -19 11 -9 0 -5 28Gold 39 34 -34 26 38 52 -4 0 31 7 31 -42 -20 -40 36Silver 38 32 -21 22 35 37 1 -15 24 29 8 -15 -14 -14 30Sugar 37 12 -19 16 14 33 -13 26 40 19 30 -11 -29 -7 33Coffee 20 34 41 12 26 8 5 -2 15 27 -30 33 -10 12 19Cotton 18 38 -2 2 27 12 18 10 25 3 5 -11 -12 -20 10

Live Cattle 32 30 24 23 -6 29 -39 24 39 1 11 2 -10 1 17Lean Hogs 32 27 10 31 6 22 -23 10 26 -3 21 -4 -33 3 16

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CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

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Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

CORRELATION World CPI vs BCOM Indices amp Other Benchmarks

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Bloomberg Commodity 60 28 23 51 59 37 28 -64 25 20 38 59 64 45 -64 -17 11 39 80Energy 67 42 34 63 70 43 47 -76 31 19 39 77 75 47 -66 13 20 56 78

Petroleum 72 57 18 83 85 68 59 -86 59 24 59 67 76 66 -78 -3 36 69 65Agriculture 23 -2 -21 22 25 18 15 -21 16 -2 13 7 27 37 -45 -47 -19 14 43

Grains 13 0 -38 39 35 36 41 -30 44 -20 18 3 37 60 -32 -38 -22 43 13Industrial Metals 45 -11 46 4 8 -10 -10 -33 -20 5 -1 27 32 4 -16 -1 -5 -2 66Precious Metals 13 14 -35 6 11 25 -29 14 21 34 42 -20 -16 18 -22 -78 21 -10 -13

Softs 24 -1 19 -23 -9 -22 -41 10 -38 33 -1 5 -12 -29 -34 -32 5 -46 55Livestock 9 20 71 24 34 17 15 -57 7 43 25 69 57 0 -31 33 37 15 58

Natural Gas 15 5 52 -2 14 -24 6 -24 -35 6 -11 66 36 -14 -14 41 -13 7 69WTI Crude 68 53 30 76 79 61 55 -85 50 25 52 70 76 55 -73 9 38 62 69

Brent Crude 71 62 14 84 88 72 57 -85 61 27 64 67 73 67 -81 -9 37 68 63ULS Diesel 68 61 12 88 90 76 58 -87 67 25 67 69 75 74 -73 -5 37 75 56

Unleaded Gasoline 80 61 -4 90 91 78 67 -78 72 22 67 61 70 81 -79 -22 33 81 47Corn 10 11 -59 42 40 45 37 -17 54 -16 30 -3 27 66 -22 -49 -16 51 -13

Soybeans 24 4 -8 39 35 28 39 -48 28 -13 10 13 44 44 -57 -23 -15 28 55Wheat 1 -33 -29 4 -1 -1 28 -1 12 -39 -18 -11 17 31 5 -18 -42 21 0

Soybean Oil 32 10 -58 7 8 12 -11 17 12 -4 17 -34 -20 27 -38 -70 -16 -2 2Soybean Meal 18 -13 9 32 24 23 38 -52 26 -15 0 12 50 37 -34 -3 -15 25 45HRW Wheat 8 -7 6 31 33 20 41 -42 25 -15 11 37 54 45 -19 -6 -19 41 38

Copper 47 7 28 37 35 19 21 -52 12 -5 16 37 49 37 -32 -2 -3 33 60Alumnium 36 -21 40 -20 -14 -29 -32 -5 -38 7 -12 10 7 -18 7 -4 -10 -22 47

Zinc 37 -23 39 -12 -10 -24 -27 -18 -34 -3 -16 5 17 -11 -8 -3 -15 -21 60Nickel 32 -7 64 8 17 -4 -2 -45 -15 20 8 44 46 1 -22 7 8 0 74Gold 7 18 -34 11 16 32 -26 7 29 38 48 -21 -11 22 -25 -77 29 -6 -18Silver 23 2 -31 -7 0 4 -32 27 -1 22 24 -16 -26 9 -14 -72 3 -18 0Sugar 15 21 -24 4 10 9 -16 4 0 19 18 -20 -18 0 -55 -60 9 -24 27Coffee 17 -12 62 -25 -11 -22 -50 -7 -38 53 4 31 15 -34 -11 -4 23 -42 55Cotton 29 -13 0 -31 -22 -49 -10 35 -55 -23 -42 14 -26 -27 10 27 -42 -20 38

Live Cattle 15 -9 76 4 6 2 -9 -38 -3 34 9 48 46 -12 17 42 31 2 22Lean Hogs 2 41 36 34 49 24 32 -52 14 33 30 60 44 13 -67 7 27 22 70

SampP 500 Total Return Index 38 -5 44 32 28 7 44 -59 2 -24 -10 45 59 19 -14 50 -13 34 65US Treasury -54 -11 10 -25 -17 -11 -14 10 -6 15 -4 -8 -1 -31 3 -13 12 -33 -13

USD IG Corporate -11 2 2 2 4 13 -1 -15 13 17 10 -5 14 -8 -25 -33 10 -21 10USD HY Corporate 43 29 -23 32 32 34 18 -33 28 2 26 0 19 26 -45 -35 -6 12 30

Bloomberg US Dollar Spot -47 -46 -1 -39 -51 -30 -20 35 -17 -30 -40 -44 -27 -30 80 39 -16 -22 -69

US

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Bloomberg Commodity 78 44 2 54 17 69 -34 20 67 20 35 0 -15 3 67Energy 75 26 8 50 3 63 -42 31 69 18 40 15 -1 18 69

Petroleum 80 38 5 58 16 72 -36 22 67 15 37 8 -4 8 72Agriculture 46 64 9 49 38 54 -1 6 39 26 13 -16 -33 -17 34

Grains 42 62 6 53 34 54 -4 3 34 19 15 -18 -27 -17 28Industrial Metals 51 23 -4 23 10 34 -23 -8 32 -6 13 -9 -10 -10 42Precious Metals 40 35 -31 26 40 49 0 -7 29 19 22 -33 -20 -31 35

Softs 30 34 6 17 29 27 3 14 34 30 3 4 -27 -1 27Livestock 38 32 22 31 0 28 -34 17 37 0 17 3 -20 5 20

Natural Gas 53 10 27 25 -14 32 -37 33 55 22 27 25 2 24 46WTI Crude 79 36 9 56 14 71 -37 21 66 15 36 11 0 10 73

Brent Crude 81 36 0 59 23 73 -34 15 66 16 37 9 -1 9 73ULS Diesel 81 45 3 60 21 75 -36 25 70 17 42 0 -11 0 71

Unleaded Gasoline 77 37 -6 56 18 69 -30 21 66 16 32 3 -10 6 61Corn 39 58 6 49 48 47 6 -4 35 19 18 -14 -21 -15 19

Soybeans 33 57 8 43 24 50 -3 13 25 21 6 -18 -34 -18 25Wheat 38 52 2 46 15 45 -18 1 31 -1 20 -27 -19 -22 30

Soybean Oil 48 58 1 48 28 59 -2 3 34 36 15 -22 -29 -16 35Soybean Meal 22 46 2 38 14 40 -16 13 20 0 15 -22 -34 -21 22HRW Wheat 54 54 12 55 29 54 -15 -7 44 15 26 -12 -14 -14 45

Copper 55 30 -5 29 16 42 -17 -10 30 -1 16 -11 -14 -16 45Alumnium 63 28 5 33 9 44 -29 1 46 5 19 -4 -4 1 54

Zinc 22 0 -1 -4 -4 -2 -14 -15 4 -20 -9 -2 -10 -8 9Nickel 29 3 -17 5 -2 20 -29 1 27 -19 11 -9 0 -5 28Gold 39 34 -34 26 38 52 -4 0 31 7 31 -42 -20 -40 36Silver 38 32 -21 22 35 37 1 -15 24 29 8 -15 -14 -14 30Sugar 37 12 -19 16 14 33 -13 26 40 19 30 -11 -29 -7 33Coffee 20 34 41 12 26 8 5 -2 15 27 -30 33 -10 12 19Cotton 18 38 -2 2 27 12 18 10 25 3 5 -11 -12 -20 10

Live Cattle 32 30 24 23 -6 29 -39 24 39 1 11 2 -10 1 17Lean Hogs 32 27 10 31 6 22 -23 10 26 -3 21 -4 -33 3 16

BCO

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CPI by CountryBC

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20-Year

CPI by Country

CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

US

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

US

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Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

20-Year

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GDP by CountryBC

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

CORRELATION World GDP vs BCOM Indices amp Other Benchmarks

US

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Bloomberg Commodity 21 70 21 -17 16 -2 61 48 -42 60 -6 4 14 -48 65 8 -13 -54 12Energy 26 61 12 -6 25 -5 53 61 -35 60 4 10 0 -49 64 -3 -10 -68 27

Petroleum 28 73 -1 -18 27 -20 70 65 -55 55 -12 16 15 -72 78 -2 -22 -81 17Agriculture -15 47 13 -26 9 3 44 38 -37 43 -3 5 0 -37 50 12 -11 -23 15

Grains -31 46 4 -39 7 -2 41 47 -51 29 -4 13 -12 -55 48 6 -2 -41 20Industrial Metals 31 38 36 -9 2 13 23 7 -3 32 -17 -21 27 -6 12 9 -3 -20 -19Precious Metals 10 45 15 -18 -13 -7 46 -4 -43 13 -34 2 39 -32 36 14 -18 -5 -30

Softs 20 24 19 11 7 12 28 3 5 39 -5 -9 23 12 26 14 -21 19 -5Livestock 31 34 11 5 26 0 27 29 -15 28 -11 20 13 -13 30 -3 -17 -45 25

Natural Gas 17 14 36 25 9 24 -1 23 19 43 40 -2 -29 20 12 -4 19 -13 31WTI Crude 30 65 1 -11 29 -16 63 62 -45 52 -11 16 14 -62 71 -3 -22 -77 18

Brent Crude 29 79 2 -20 21 -20 77 62 -61 57 -12 19 20 -74 83 -2 -21 -81 12ULS Diesel 28 86 5 -22 16 -20 81 59 -65 56 -10 22 23 -77 85 -1 -14 -86 10

Unleaded Gasoline 18 83 0 -26 19 -20 79 66 -70 54 -16 24 15 -85 87 -4 -19 -84 17Corn -32 57 15 -28 -7 2 51 41 -59 20 -7 24 -9 -59 53 3 9 -42 11

Soybeans -9 37 -8 -37 22 -15 36 50 -35 46 2 -2 -2 -46 51 15 -20 -36 22Wheat -47 -2 -4 -36 12 14 -11 25 -12 7 2 -5 -37 -18 -2 -1 7 -7 29

Soybean Oil -13 43 11 -11 -3 3 49 17 -33 33 -14 5 19 -34 47 14 -8 -2 -14Soybean Meal -11 18 -17 -45 20 -22 13 39 -28 26 0 -7 -4 -36 27 14 -16 -34 26HRW Wheat -20 47 19 -35 15 15 33 45 -36 34 -1 14 -18 -41 38 -4 3 -50 26

Copper 20 66 30 -19 4 1 51 23 -28 47 -16 -3 34 -38 43 7 3 -48 -17Alumnium 28 26 50 7 -8 24 12 -12 10 9 -17 -16 21 15 -8 7 2 2 -31

Zinc 33 0 23 -4 5 8 -13 -9 21 22 -16 -51 21 19 -20 17 -2 11 -20Nickel 37 26 21 -14 9 15 15 16 -3 27 -14 -20 17 -4 13 5 -14 -25 -2Gold 10 43 10 -19 -13 -11 45 -1 -49 6 -39 3 40 -36 35 13 -21 -8 -28Silver 10 45 24 -16 -12 2 44 -10 -29 23 -21 -3 35 -20 32 12 -14 4 -30Sugar 14 29 -2 -4 2 -10 40 14 -19 34 -11 -7 29 -20 43 19 -32 9 -13Coffee 27 15 29 15 8 17 10 -4 6 18 -15 -3 19 24 5 6 -14 7 1Cotton -2 17 30 22 7 33 17 -4 37 54 44 -2 -12 32 17 6 19 21 10

Live Cattle 23 19 21 10 5 12 7 -2 -4 -8 -21 16 19 6 -5 -6 8 -33 0Lean Hogs 26 34 -3 -2 36 -11 35 49 -19 52 2 15 1 -27 53 0 -36 -36 38

SampP 500 Total Return Index 18 21 10 0 17 6 11 34 9 28 20 -11 -15 -11 12 3 7 -41 13US Treasury -16 26 19 10 -20 31 32 4 -12 0 -13 36 28 2 23 -2 0 3 -17

USD IG Corporate -8 3 -7 -16 4 -7 13 16 -22 -15 -13 16 -1 -14 14 1 -46 2 -6USD HY Corporate 24 -7 -22 -27 27 -46 -1 17 -28 -1 -8 -28 -23 -27 7 15 -40 -4 1

Bloomberg US Dollar Spot -24 -56 -7 12 -21 11 -57 -39 34 -65 2 -5 -15 41 -66 -9 35 28 -12

US

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Bloomberg Commodity 40 48 14 29 31 35 53 3 2 38 32 42Energy 35 17 8 9 24 22 39 2 -3 21 31 27

Petroleum 37 29 9 13 25 22 44 5 -1 26 23 33Agriculture 9 49 3 22 12 15 38 -16 1 28 -2 23

Grains 2 44 1 13 6 10 32 -14 5 19 -7 18Industrial Metals 49 66 26 51 39 52 51 15 8 50 42 59Precious Metals 11 62 -1 24 6 11 30 6 0 23 -8 19

Softs 18 32 4 29 16 22 34 -12 -7 34 5 21Livestock 44 16 21 26 36 34 23 5 16 30 30 42

Natural Gas 27 -5 7 0 13 19 18 -15 -8 10 38 14WTI Crude 37 29 8 12 24 22 43 7 1 24 26 33

Brent Crude 37 33 7 16 25 24 48 10 1 28 20 36ULS Diesel 32 30 7 11 21 16 40 2 -5 24 17 31

Unleaded Gasoline 39 29 12 18 28 28 50 3 -2 32 18 36Corn -6 29 -3 7 -10 4 18 -21 3 12 -20 10

Soybeans 8 39 3 8 12 9 36 -11 4 25 -7 15Wheat 0 50 6 24 16 13 32 -5 -1 13 9 25

Soybean Oil 10 55 -1 14 12 12 32 -14 8 19 8 14Soybean Meal -3 25 3 7 5 5 30 -3 -5 21 -14 17HRW Wheat 7 57 3 27 18 18 37 -6 -2 20 12 27

Copper 42 68 22 47 34 44 50 14 5 48 32 53Alumnium 48 51 22 44 34 50 44 7 7 42 49 52

Zinc 48 51 34 55 38 52 40 12 5 54 41 59Nickel 47 56 26 44 42 53 53 28 13 42 42 54Gold 2 62 -2 16 3 -3 23 13 -5 14 -15 10Silver 25 56 1 34 11 33 40 -3 6 35 7 31Sugar 7 21 -2 14 4 4 18 -12 -22 17 -1 9Coffee 27 26 6 19 13 26 25 -10 11 39 12 30Cotton 15 24 12 36 16 27 40 1 -11 29 1 25

Live Cattle 45 22 19 27 35 39 26 8 20 33 35 40Lean Hogs 30 7 19 19 29 19 13 0 9 19 16 34

20-Year

BCO

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GDP by Country

5-Year

GDP by CountryBC

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Benc

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COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

COMMITMENT OF TRADERS Commodity Futures amp Options Money ManagersCOT ltGOgt Click hyperlinks to open in Bloomberg

Group CommodityEnd-Dec Net

PositionEnd-Nov Net

Position

Notional Change ($m) using end-

Dec price

End-Dec Notional ($m)

Natural Gas 174043 27556 5455 6481 WTI Crude 307909 188324 6424 16541

Brent Crude 455116 292764 9225 25860 ULS Diesel 33541 3359 2191 2435 Gasoline 50091 17013 2321 3515

Total 25616 54832 Corn -113648 -60394 -937 -2000

Soybeans 107075 113644 -327 5335 Wheat -108927 -114222 108 -2222

Soybean Oil 85522 95533 -207 1766 Soybean Meal 19537 19377 5 611 HRW Wheat 9085 10905 -38 190

Total -1396 3680 Copper 72131 76346 -264 4518

Aluminum 161136 169882 -370 6824 Zinc 85067 76584 544 5452

Nickel 57735 56116 97 3455 Total 6 20249 Gold 41247 121235 -9212 4750 Silver 39098 42846 -300 3126 Total -9512 7876 Sugar 138442 176851 -839 3025 Coffee 12706 50722 -1954 653 Cotton 76052 80553 -159 2687 Total -2952 6365

Live Cattle 92516 58059 1599 4295Lean Hogs 54535 31931 598 1443

Total 2198 5738Total 13960 98740

HISTORICAL CORRELATION BCOM Indices vs Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 30 27 -42 -36 50 46 WTI Crude 20 28 -57 -49 60 53

Brent Crude 36 27 -62 -43 56 40 ULS Diesel 6 21 -49 -35 46 42 Gasoline 37 30 -45 -22 55 41

Corn 54 53 -53 -51 55 61 Soybeans 57 63 -49 -55 64 71

Wheat 60 53 -66 -63 70 67 Soybean Oil 53 49 -74 -64 68 66

Soybean Meal 56 56 -65 -45 73 63 HRW Wheat 7 20 -44 45 51

Copper 29 46 -60 -60 59 61 Aluminum 47 -15 47

Zinc 54 -16 83 Nickel 18 -41 52 Gold 85 67 -54 -57 84 71 Silver 61 48 -37 -48 62 57 Sugar 56 49 -61 -59 63 64 Coffee 73 46 -66 -64 76 66 Cotton 56 58 -50 -48 62 62

Live Cattle 36 25 2 -5 27 19Lean Hogs -3 11 -1 -10 1 7

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

Gasoline Corn

COMMITMENT OF TRADERS Money Manager Net Positions vs BCOM LevelsNatural Gas WTI Crude

Brent Crude ULS Diesel

Soybeans Wheat

Soybean Oil Soybean Meal

HRW Wheat

0

20

40

60

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100

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06 07 08 09 10 11 12 13 14 15 16

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06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

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06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

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Money Managers Net Position Index Level

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Money Managers Net Position Index Level

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Money Managers Net Position Index Level

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Money Managers Net Position Index Level

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Money Managers Net Position Index Level

050100150200250300

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06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

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Money Managers Net Position Index Level

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300

400

500

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

Copper 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 16

Money Managers Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020040060080010001200

0

20000

40000

60000

80000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

100

200

300

400

500

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020040060080010001200

-200000

20000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

200

400

600

800

-200000-100000

0100000200000300000400000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15 16

Money Managers 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 16

Money Managers Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

COMMODITY INVENTORY amp SALESECO17 ltGOgt Click hyperlinks to open in Bloomberg

Group InventorySales Ticker Unit End-Dec End-Nov Change ()

DOE Natural Gas Total Inventory DOENUST1 bcf 3360 3909 -14DOE Crude Oil Total Inventory DOESCRUD mm barrels 486 468 4DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 66 58 14DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 152 152 0DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 227 226 1USDA Corn Total Export Sales SALECNUM thousand MT 1005 799 26USDA Soybeans Total Export Sales SALESYBN thousand MT 979 2045 -52USDA All Wheat Total Export Sales SALEWEAL thousand MT 583 673 -13USDA Soybean Oil Total Export Sales SALESYOL thousand MT 19 25 -23USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 296 147 102Comex Copper Total Inventory COMXCOPR thousand short ton 88 72 23LME Copper Total Inventory NLSCA thousand MT 322 326 -1LME Primary Aluminum Total Inventory NLSAH thousand MT 2206 2144 3LME Zinc Total Inventory NLSZS thousand MT 428 451 -5LME Nickel Total Inventory NLSNI thousand MT 371 362 3Comex Gold Total Inventory COMXGOLD mm ounces 9 11 -13Comex Silver Total Inventory COMXSILV mm ounces 183 173 6

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 347 129 169USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 41 116 -65USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 308 460 -33

HISTORICAL CORRELATION Inventory amp Sales vs BCOM Indices

Group InventorySales 1-Year 5-YearDOE Natural Gas Total Inventory 71 -33DOE Crude Oil Total Inventory 30 -93DOE Cushing Oklahoma Crude Oil Total Stocks 6 -79DOE Distillate Fuel Oil Total Inventory -66 -82DOE Motor Gasoline Total Inventory -50 -54USDA Corn Total Export Sales 7 -42USDA Soybeans Total Export Sales 41 -12USDA All Wheat Total Export Sales -24 17USDA Soybean Oil Total Export Sales -8 -8USDA Soybean Cake Meal Total Export Sales 12 6Comex Copper Total Inventory 69 5LME Copper Total Inventory 6 24LME Primary Aluminum Total Inventory -78 76LME Zinc Total Inventory -10 21LME Nickel Total Inventory -85 -74Comex Gold Total Inventory 57 79Comex Silver Total Inventory -1 -71

Softs USDA All Upland Cotton Total Export Sales 23 -10USDA Cattle Slaughter Estimates Daily -43 -22USDA Hogs Slaughter Estimates Daily -9 -23

BCOM Index

BCOM WTI Crude IndexBCOM WTI Crude IndexBCOM ULS Diesel Index

BCOM Silver IndexBCOM Gold Index

BCOM Cotton IndexBCOM Live Cattle IndexBCOM Lean Hogs Index

BCOM Natural Gas Index

BCOM Unleaded Gasoline Index

BCOM Copper IndexBCOM Copper IndexBCOM Alumnium IndexBCOM Zinc IndexBCOM Nickel Index

BCOM Corn IndexBCOM Soybeans IndexBCOM Wheat IndexBCOM Soybean Oil IndexBCOM Soybean Meal Index

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

Copper 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 16

Money Managers Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020040060080010001200

0

20000

40000

60000

80000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

100

200

300

400

500

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020040060080010001200

-200000

20000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

0

200

400

600

800

-200000-100000

0100000200000300000400000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15 16

Money Managers 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 16

Money Managers Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Managers Net Position Index Level

COMMODITY INVENTORY amp SALESECO17 ltGOgt Click hyperlinks to open in Bloomberg

Group InventorySales Ticker Unit End-Dec End-Nov Change ()

DOE Natural Gas Total Inventory DOENUST1 bcf 3360 3909 -14DOE Crude Oil Total Inventory DOESCRUD mm barrels 486 468 4DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 66 58 14DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 152 152 0DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 227 226 1USDA Corn Total Export Sales SALECNUM thousand MT 1005 799 26USDA Soybeans Total Export Sales SALESYBN thousand MT 979 2045 -52USDA All Wheat Total Export Sales SALEWEAL thousand MT 583 673 -13USDA Soybean Oil Total Export Sales SALESYOL thousand MT 19 25 -23USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 296 147 102Comex Copper Total Inventory COMXCOPR thousand short ton 88 72 23LME Copper Total Inventory NLSCA thousand MT 322 326 -1LME Primary Aluminum Total Inventory NLSAH thousand MT 2206 2144 3LME Zinc Total Inventory NLSZS thousand MT 428 451 -5LME Nickel Total Inventory NLSNI thousand MT 371 362 3Comex Gold Total Inventory COMXGOLD mm ounces 9 11 -13Comex Silver Total Inventory COMXSILV mm ounces 183 173 6

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 347 129 169USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 41 116 -65USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 308 460 -33

HISTORICAL CORRELATION Inventory amp Sales vs BCOM Indices

Group InventorySales 1-Year 5-YearDOE Natural Gas Total Inventory 71 -33DOE Crude Oil Total Inventory 30 -93DOE Cushing Oklahoma Crude Oil Total Stocks 6 -79DOE Distillate Fuel Oil Total Inventory -66 -82DOE Motor Gasoline Total Inventory -50 -54USDA Corn Total Export Sales 7 -42USDA Soybeans Total Export Sales 41 -12USDA All Wheat Total Export Sales -24 17USDA Soybean Oil Total Export Sales -8 -8USDA Soybean Cake Meal Total Export Sales 12 6Comex Copper Total Inventory 69 5LME Copper Total Inventory 6 24LME Primary Aluminum Total Inventory -78 76LME Zinc Total Inventory -10 21LME Nickel Total Inventory -85 -74Comex Gold Total Inventory 57 79Comex Silver Total Inventory -1 -71

Softs USDA All Upland Cotton Total Export Sales 23 -10USDA Cattle Slaughter Estimates Daily -43 -22USDA Hogs Slaughter Estimates Daily -9 -23

BCOM Index

BCOM WTI Crude IndexBCOM WTI Crude IndexBCOM ULS Diesel Index

BCOM Silver IndexBCOM Gold Index

BCOM Cotton IndexBCOM Live Cattle IndexBCOM Lean Hogs Index

BCOM Natural Gas Index

BCOM Unleaded Gasoline Index

BCOM Copper IndexBCOM Copper IndexBCOM Alumnium IndexBCOM Zinc IndexBCOM Nickel Index

BCOM Corn IndexBCOM Soybeans IndexBCOM Wheat IndexBCOM Soybean Oil IndexBCOM Soybean Meal Index

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

COMMODITY INVENTORY amp SALESECO17 ltGOgt Click hyperlinks to open in Bloomberg

Group InventorySales Ticker Unit End-Dec End-Nov Change ()

DOE Natural Gas Total Inventory DOENUST1 bcf 3360 3909 -14DOE Crude Oil Total Inventory DOESCRUD mm barrels 486 468 4DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 66 58 14DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 152 152 0DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 227 226 1USDA Corn Total Export Sales SALECNUM thousand MT 1005 799 26USDA Soybeans Total Export Sales SALESYBN thousand MT 979 2045 -52USDA All Wheat Total Export Sales SALEWEAL thousand MT 583 673 -13USDA Soybean Oil Total Export Sales SALESYOL thousand MT 19 25 -23USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 296 147 102Comex Copper Total Inventory COMXCOPR thousand short ton 88 72 23LME Copper Total Inventory NLSCA thousand MT 322 326 -1LME Primary Aluminum Total Inventory NLSAH thousand MT 2206 2144 3LME Zinc Total Inventory NLSZS thousand MT 428 451 -5LME Nickel Total Inventory NLSNI thousand MT 371 362 3Comex Gold Total Inventory COMXGOLD mm ounces 9 11 -13Comex Silver Total Inventory COMXSILV mm ounces 183 173 6

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 347 129 169USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 41 116 -65USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 308 460 -33

HISTORICAL CORRELATION Inventory amp Sales vs BCOM Indices

Group InventorySales 1-Year 5-YearDOE Natural Gas Total Inventory 71 -33DOE Crude Oil Total Inventory 30 -93DOE Cushing Oklahoma Crude Oil Total Stocks 6 -79DOE Distillate Fuel Oil Total Inventory -66 -82DOE Motor Gasoline Total Inventory -50 -54USDA Corn Total Export Sales 7 -42USDA Soybeans Total Export Sales 41 -12USDA All Wheat Total Export Sales -24 17USDA Soybean Oil Total Export Sales -8 -8USDA Soybean Cake Meal Total Export Sales 12 6Comex Copper Total Inventory 69 5LME Copper Total Inventory 6 24LME Primary Aluminum Total Inventory -78 76LME Zinc Total Inventory -10 21LME Nickel Total Inventory -85 -74Comex Gold Total Inventory 57 79Comex Silver Total Inventory -1 -71

Softs USDA All Upland Cotton Total Export Sales 23 -10USDA Cattle Slaughter Estimates Daily -43 -22USDA Hogs Slaughter Estimates Daily -9 -23

BCOM Index

BCOM WTI Crude IndexBCOM WTI Crude IndexBCOM ULS Diesel Index

BCOM Silver IndexBCOM Gold Index

BCOM Cotton IndexBCOM Live Cattle IndexBCOM Lean Hogs Index

BCOM Natural Gas Index

BCOM Unleaded Gasoline Index

BCOM Copper IndexBCOM Copper IndexBCOM Alumnium IndexBCOM Zinc IndexBCOM Nickel Index

BCOM Corn IndexBCOM Soybeans IndexBCOM Wheat IndexBCOM Soybean Oil IndexBCOM Soybean Meal Index

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

Soybeans Wheat

Soybean Oil Soybean Meal

COMMODITY INVENTORY amp 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 06 08 10 12 14 16

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

3000

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 16

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 08 09 10 11 12 13 14 15 16

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

Silver Cotton

Live Cattle Lean Hogs

Copper 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 16

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 16

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 16

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 16

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 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP XETFM ltGOgt

Report Period 30 Nov 2016 - 30 Dec 2016

SectorNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

Broad Based 2162 66067 33Energy -14502 79923 -181

Agriculture -311 14062 -22Livestock 40 332 121

Industrial Metals 177 3992 44Precious Metals -26896 505677 -53

Commodity -39329 670053 -59

Top 10 Creations Click hyperlinks to open in Bloomberg

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

VelocityShares 3x Inverse Natural Gas ETN DGAZ US 2194 911 2408ProShares UltraShort Bloomberg Crude Oil SCO US 982 1275 770

iPath Bloomberg Commodity Index Total Return ETN DJP US 738 8369 88iShares SampP GSCI Commodity Indexed Trust GSG US 418 9482 44

First Trust Global Tactical Commodity Strategy Fund FTGC US 310 1686 184PowerShares DB Commodity Index Tracking Fund DBC US 220 24366 09

ProShares Ultra Silver AGQ US 178 2694 66ETFS Physical Precious Metal Basket Shares GLTR US 173 2494 69

iShares Commodities Select Strategy ETF COMT US 172 1798 95PowerShares Optimum Yield No K-1 PDBC US 160 4610 35

Top 10 Redemptions

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

SPDR Gold Shares GLD US -22714 333015 -68United States Oil Fund LP USO US -7953 36605 -217

ProShares Ultra Bloomberg Crude Oil UCO US -2677 10575 -253VelocityShares 3x Long Natural Gas ETN UGAZ US -2492 4329 -576

iShares Gold Trust IAU US -2297 76264 -30United States Natural Gas Fund LP UNG US -1670 6387 -261VelocityShares 3x Long Crude ETN UWTI US -1625 00 00

iShares Silver Trust SLV US -803 57128 -14VelocityShares 3x Inverse Crude ETN DWTI US -506 00 00

ETFS Physical Swiss Gold Shares SGOL US -445 9923 -45

Silver Cotton

Live Cattle Lean Hogs

Copper 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 16

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 16

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 16

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 16

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 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP XETFM ltGOgt

Report Period 30 Nov 2016 - 30 Dec 2016

SectorNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

Broad Based 2162 66067 33Energy -14502 79923 -181

Agriculture -311 14062 -22Livestock 40 332 121

Industrial Metals 177 3992 44Precious Metals -26896 505677 -53

Commodity -39329 670053 -59

Top 10 Creations Click hyperlinks to open in Bloomberg

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

VelocityShares 3x Inverse Natural Gas ETN DGAZ US 2194 911 2408ProShares UltraShort Bloomberg Crude Oil SCO US 982 1275 770

iPath Bloomberg Commodity Index Total Return ETN DJP US 738 8369 88iShares SampP GSCI Commodity Indexed Trust GSG US 418 9482 44

First Trust Global Tactical Commodity Strategy Fund FTGC US 310 1686 184PowerShares DB Commodity Index Tracking Fund DBC US 220 24366 09

ProShares Ultra Silver AGQ US 178 2694 66ETFS Physical Precious Metal Basket Shares GLTR US 173 2494 69

iShares Commodities Select Strategy ETF COMT US 172 1798 95PowerShares Optimum Yield No K-1 PDBC US 160 4610 35

Top 10 Redemptions

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

SPDR Gold Shares GLD US -22714 333015 -68United States Oil Fund LP USO US -7953 36605 -217

ProShares Ultra Bloomberg Crude Oil UCO US -2677 10575 -253VelocityShares 3x Long Natural Gas ETN UGAZ US -2492 4329 -576

iShares Gold Trust IAU US -2297 76264 -30United States Natural Gas Fund LP UNG US -1670 6387 -261VelocityShares 3x Long Crude ETN UWTI US -1625 00 00

iShares Silver Trust SLV US -803 57128 -14VelocityShares 3x Inverse Crude ETN DWTI US -506 00 00

ETFS Physical Swiss Gold Shares SGOL US -445 9923 -45

COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP XETFM ltGOgt

Report Period 30 Nov 2016 - 30 Dec 2016

SectorNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

Broad Based 2162 66067 33Energy -14502 79923 -181

Agriculture -311 14062 -22Livestock 40 332 121

Industrial Metals 177 3992 44Precious Metals -26896 505677 -53

Commodity -39329 670053 -59

Top 10 Creations Click hyperlinks to open in Bloomberg

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

VelocityShares 3x Inverse Natural Gas ETN DGAZ US 2194 911 2408ProShares UltraShort Bloomberg Crude Oil SCO US 982 1275 770

iPath Bloomberg Commodity Index Total Return ETN DJP US 738 8369 88iShares SampP GSCI Commodity Indexed Trust GSG US 418 9482 44

First Trust Global Tactical Commodity Strategy Fund FTGC US 310 1686 184PowerShares DB Commodity Index Tracking Fund DBC US 220 24366 09

ProShares Ultra Silver AGQ US 178 2694 66ETFS Physical Precious Metal Basket Shares GLTR US 173 2494 69

iShares Commodities Select Strategy ETF COMT US 172 1798 95PowerShares Optimum Yield No K-1 PDBC US 160 4610 35

Top 10 Redemptions

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

of Funds Market Cap

SPDR Gold Shares GLD US -22714 333015 -68United States Oil Fund LP USO US -7953 36605 -217

ProShares Ultra Bloomberg Crude Oil UCO US -2677 10575 -253VelocityShares 3x Long Natural Gas ETN UGAZ US -2492 4329 -576

iShares Gold Trust IAU US -2297 76264 -30United States Natural Gas Fund LP UNG US -1670 6387 -261VelocityShares 3x Long Crude ETN UWTI US -1625 00 00

iShares Silver Trust SLV US -803 57128 -14VelocityShares 3x Inverse Crude ETN DWTI US -506 00 00

ETFS Physical Swiss Gold Shares SGOL US -445 9923 -45

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

15

25

35

45

55

JAN

17

OCT

17

JUL

18AP

R 19

JAN

20

OCT

20

JUL

21AP

R 22

JAN

23

OCT

23

JUL

24AP

R 25

JAN

26

OCT

26

JUL

27AP

R 28

JAN

29

Natural Gas

30-Nov-2016

30-Dec-201630354045505560

JAN

17

MAY

17

SEP

17JA

N 1

8M

AY 1

8SE

P 18

JAN

19

MAY

19

SEP

19JA

N 2

0M

AY 2

0SE

P 20

JAN

21

MAY

21

SEP

21JA

N 2

2M

AY 2

2

WTI Crude

30-Nov-2016

30-Dec-2016

3035404550556065

JAN

17

JUN

17

NO

V 17

APR

18SE

P 18

FEB

19JU

L 19

DEC

19M

AY 2

0O

CT 2

0M

AR 2

1AU

G 21

JAN

22

JUN

22

NO

V 22

APR

23Brent Crude

30-Nov-2016

30-Dec-2016100120140160180200

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

MAR

19

JUN

19

SEP

19

DEC

19

ULS Diesel

30-Nov-2016

30-Dec-2016

100120140160180200

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

MAR

19

JUN

19

SEP

19

Unleaded Gasoline

30-Nov-2016

30-Dec-2016

295300305310315320325330

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

DEC

18

Soybean Meal

30-Nov-2016

30-Dec-2016350

400

450

500

550

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

DEC

18

HRW Wheat

30-Nov-2016

30-Dec-2016

300

350

400

450

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

DEC

18

JUL

19

DEC

19

Corn

30-Nov-2016

30-Dec-2016800

900

1000

1100

1200

JAN

17

MAR

17

MAY

17

JUL

17AU

G 17

SEP

17N

OV

17JA

N 1

8M

AR 1

8M

AY 1

8JU

L 18

AUG

18SE

P 18

NO

V 18

JAN

19

MAR

19

MAY

19

Soybeans

30-Nov-2016

30-Dec-2016

350400450500550600

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

DEC

18

Wheat

30-Nov-2016

30-Dec-201632333435363738

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

DEC

18

OCT

19

Soybean Oil

30-Nov-2016

30-Dec-2016

INDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

200210220230240250260270

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

JUL

19

MAR

20

SEP

20

MAY

21

Copper

30-Nov-2016

30-Dec-2016130015001700190021002300

DEC

16AU

G 17

APR

18DE

C 18

AUG

19AP

R 20

DEC

20AU

G 21

APR

22DE

C 22

AUG

23AP

R 24

DEC

24AU

G 25

APR

26DE

C 26

Aluminum

30-Nov-2016

30-Dec-2016

1050

1100

1150

1200

1250

1300

DEC

16

FEB

17

JUN

17

OCT

17

FEB

18

JUN

18

OCT

18

JUN

19

JUN

20

JUN

21

JUN

22

Gold

30-Nov-2016

30-Dec-201615

15516

16517

17518

DEC

16

FEB

17

MAY

17

SEP

17

JAN

18

MAY

18

SEP

18

JUL

19

JUL

20

JUL

21

Silver

30-Nov-2016

30-Dec-2016

10121416182022

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

OCT

18

MAR

19

MAY

19

JUL

19

Sugar

30-Nov-2016

30-Dec-2016110120130140150160170180

DEC

16M

AR 1

7M

AY 1

7JU

L 17

SEP

17DE

C 17

MAR

18

MAY

18

JUL

18SE

P 18

DEC

18M

AR 1

9M

AY 1

9JU

L 19

Coffee

30-Nov-2016

30-Dec-2016

40

50

60

70

80

DEC

16

FEB

17

APR

17

MAY

17

JUN

17

JUL

17

AUG

17

OCT

17

DEC

17

FEB

18

APR

18

Lean Hogs

30-Nov-2016

30-Dec-201660708090

100110120130

DEC

16

FEB

17

APR

17

JUN

17

AUG

17

OCT

17

DEC

17

Live Cattle

30-Nov-2016

30-Dec-2016

0500

10001500200025003000

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

21DE

C 21

Zinc

30-Nov-2016

30-Dec-201690009500

1000010500110001150012000

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

21DE

C 21

Nickel

30-Nov-2016

30-Dec-2016

6667686970717273

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

OCT

18

DEC

18

MAR

19

MAY

19

JUL

19

Cotton

30-Nov-2016

30-Dec-2016

BLOOMBERG INTELLIGENCE COMMODITY DASHBOARDS BI ltGOgt Click hyperlinks to open in Bloomberg

Crude Oil Production BI OILS ltGOgt Natural Gas Production BI NGAS ltGOgt

Precious Metal Mining BI PMET ltGOgt Agricultural Chemicals BI AGCH ltGOgt

Copper BI COPP ltGOgt Aluminum BI ALUM ltGOgt

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

INDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

200210220230240250260270

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

JUL

19

MAR

20

SEP

20

MAY

21

Copper

30-Nov-2016

30-Dec-2016130015001700190021002300

DEC

16AU

G 17

APR

18DE

C 18

AUG

19AP

R 20

DEC

20AU

G 21

APR

22DE

C 22

AUG

23AP

R 24

DEC

24AU

G 25

APR

26DE

C 26

Aluminum

30-Nov-2016

30-Dec-2016

1050

1100

1150

1200

1250

1300

DEC

16

FEB

17

JUN

17

OCT

17

FEB

18

JUN

18

OCT

18

JUN

19

JUN

20

JUN

21

JUN

22

Gold

30-Nov-2016

30-Dec-201615

15516

16517

17518

DEC

16

FEB

17

MAY

17

SEP

17

JAN

18

MAY

18

SEP

18

JUL

19

JUL

20

JUL

21

Silver

30-Nov-2016

30-Dec-2016

10121416182022

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

OCT

18

MAR

19

MAY

19

JUL

19

Sugar

30-Nov-2016

30-Dec-2016110120130140150160170180

DEC

16M

AR 1

7M

AY 1

7JU

L 17

SEP

17DE

C 17

MAR

18

MAY

18

JUL

18SE

P 18

DEC

18M

AR 1

9M

AY 1

9JU

L 19

Coffee

30-Nov-2016

30-Dec-2016

40

50

60

70

80

DEC

16

FEB

17

APR

17

MAY

17

JUN

17

JUL

17

AUG

17

OCT

17

DEC

17

FEB

18

APR

18

Lean Hogs

30-Nov-2016

30-Dec-201660708090

100110120130

DEC

16

FEB

17

APR

17

JUN

17

AUG

17

OCT

17

DEC

17

Live Cattle

30-Nov-2016

30-Dec-2016

0500

10001500200025003000

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

21DE

C 21

Zinc

30-Nov-2016

30-Dec-201690009500

1000010500110001150012000

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

21DE

C 21

Nickel

30-Nov-2016

30-Dec-2016

6667686970717273

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

OCT

18

DEC

18

MAR

19

MAY

19

JUL

19

Cotton

30-Nov-2016

30-Dec-2016

BLOOMBERG INTELLIGENCE COMMODITY DASHBOARDS BI ltGOgt Click hyperlinks to open in Bloomberg

Crude Oil Production BI OILS ltGOgt Natural Gas Production BI NGAS ltGOgt

Precious Metal Mining BI PMET ltGOgt Agricultural Chemicals BI AGCH ltGOgt

Copper BI COPP ltGOgt Aluminum BI ALUM ltGOgt

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

BLOOMBERG INTELLIGENCE COMMODITY DASHBOARDS BI ltGOgt Click hyperlinks to open in Bloomberg

Crude Oil Production BI OILS ltGOgt Natural Gas Production BI NGAS ltGOgt

Precious Metal Mining BI PMET ltGOgt Agricultural Chemicals BI AGCH ltGOgt

Copper BI COPP ltGOgt Aluminum BI ALUM ltGOgt

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

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONALreg 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 Buyers Guide newsletter NI OBGBRIEFCommodity fundamental data explorer FDM Pipes amp Wires newsletter NI PAWSBRIEFCommodity futures overview CMBQ Oil market analysis BOILSecurity finder SECF Nat gas spot prices BGASCommodity data contributors amp 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 Oilrsquos 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 amp utility models EUMM Agriculture supply amp demand AGSD

Crop calendar CCAL

BCOM QUICK FACTS Index Methodology

Weighting Bias 23 market liquidity and 13 world production No of Commodities 20 Re-balancing Frequency Annual Roll Schedule Monthly (5 day roll) CapsLimits Single commodity max 15

Single commodity and its derivatives max 25Related commodity groups max 33

First Value Date 30 December 1990

The data provided in this report can be easily accessed on the Bloomberg Professionalreg service along with numerous news and analytical tools to help you stay on top of the commodity markets

BLOOMBERG BLOOMBERG INDICES and BCOM are trademarks or service marks of Bloomberg Finance LP

Bloomberg Finance LP and its affiliates (collectively Bloomberg) or Bloombergs 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 (ie recommendations as to whether or not to ldquobuyrdquo ldquosellrdquo ldquoholdrdquo 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 copy 2016 Bloomberg Finance LP All rights reserved This document and its contents may

not be forwarded or redistributed without the prior consent of Bloomberg

The BLOOMBERG PROFESSIONALreg service and BLOOMBERG Data (the ldquoServicesrdquo) are owned and

distributed by Bloomberg Finance LP (ldquoBFLPrdquo) in all jurisdictions other than Argentina Bermuda China India

Japan and Korea (the ldquoBLP Countriesrdquo) BFLP is a wholly owned subsidiary of Bloomberg LP (ldquoBLPrdquo) BLP

provides BFLP with global marketing and operational support and service for the Services and distributes the

Services either directly or through a non-BFLP subsidiary in the BLP Countries Certain functionalities distributed

via the Services are available only to sophisticated institutional investors and only where the necessary legal

clearance has been obtained BFLP BLP and their affiliates do not guarantee the accuracy of prices or information

in the Services Nothing in the Services shall constitute or be construed as an offering of financial instruments by

BFLP BLP or their affiliates or as investment advice or recommendations by BFLP BLP or their affiliates of an

investment strategy or whether or not to ldquobuyrdquo ldquosellrdquo or ldquoholdrdquo an investment Information available via the

Services should not be considered as information sufficient upon which to base an investment decision

BLOOMBERG BLOOMBERG PROFESSIONAL BLOOMBERG MARKETS BLOOMBERG NEWS

BLOOMBERG ANYWHERE BLOOMBERG TRADEBOOK BLOOMBERG TELEVISION BLOOMBERG

RADIO BLOOMBERG PRESS and BLOOMBERGCOM are trademarks and service marks of BFLP a Delaware

limited partnership or its subsidiaries copy 2016 Bloomberg Finance LP All rights reserved This document and its

contents may not be forwarded or redistributed without the prior consent of Bloomberg

Bloomberg Intelligence is a service provided by Bloomberg Finance LP and its affiliates Bloomberg Intelligence

shall not constitute nor be construed as investment advice or investment recommendations (ie recommendations

as to whether or not to ldquobuyrdquo ldquosellrdquo ldquoholdrdquo or to enter or not to enter into any other transaction involving any

specific interest) or a recommendation as to an investment or other strategy No aspect of the Bloomberg

Intelligence function is based on the consideration of a customers individual circumstances Bloomberg Intelligence

should not be considered as information sufficient upon which to base an investment decision You should

determine on your own whether you agree with Bloomberg Intelligence

Bloomberg Intelligence is offered where the necessary legal clearances have been obtained Bloomberg Intelligence

should not be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence

subscribers compliance with its tax accounting or other legal obligations Employees involved in Bloomberg

Intelligence may hold positions in the securities analyzed or discussed on Bloomberg Intelligence

• 2016 Year End BCOM TampC
• • BCOM December 2016
  • • Untitled
    • • BCOM - Dec 31 2016 v2
      • • PERFORMANCE
        • ROLL SELECT
        • Historical Return
        • MEMB and FORECAST
        • Realized Volatility
        • Implied Volatility
        • Historical Realized Volatility
        • Correlation Composite
        • Correlation Single
        • Correlation US CPI
        • Correlation World CPI
        • Correlation GDP
        • COT
        • Historical COT
        • INVENTORY
        • Historical Inventory
        • FUND FLOW
        • BCOM - Dec 31 20163ppdf
        • • Historical Return
          • TERM STRUCTURE
          • • BCOM - Dec 31 2016perfpdf
            • • Historical Return
              • • Cheat sheets
                • Disclaimer