Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal.</li><li>Per soybean crushed, you get something like an 80/20 meal to oil share.</li><li>While the soy oil part is currently in high demand due to a higher bioethanol requirement (Brazil increased the share from 14% to15% as of 2025), there isn’t an additional demand driver for soy meal.</li></ul>

Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal.Per soybean crushed, you get something like an 80/20 meal to oil share.While the soy oil part is currently in high demand due to a higher bioethanol requirement (Brazil increased the share from 14% to15% as of 2025), there isn’t an additional demand driver for soy meal.

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order.</li><li>For macro investors particularly, Trump has proven a continuing headache with his weekly insistence on pushing out tariffs news or other bombshells late Friday.</li><li>This past week-end was not exception with Trump’s remarks on reciprocal tariffs and potential tariffs on aluminium and steel.</li></ul>

All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order.For macro investors particularly, Trump has proven a continuing headache with his weekly insistence on pushing out tariffs news or other bombshells late Friday.This past week-end was not exception with Trump’s remarks on reciprocal tariffs and potential tariffs on aluminium and steel.

The Drill – What will world peace mean for markets?

<ul><li>CTA Update Last week, the research division of UBS shared an update on the positioning of CTAs.</li><li>Contrarian' trades: bullish Energy, Cattle Feeder, Lme Lead and Lme Nickel, bearish Coffee, Cocoa, Platinum and Palladium</li><li>Go with momentum' trades: bullish Lme Tin, Copper, Gold and Lean Hogs, bearish Soybean, Soybean Meal, Wheat and Corn Hurricane Milton and Orange Juice Prices Orange juice futures rose as Hurricane Milton approached Florida throughout the week.</li></ul>

CTA Update Last week, the research division of UBS shared an update on the positioning of CTAs.Contrarian' trades: bullish Energy, Cattle Feeder, Lme Lead and Lme Nickel, bearish Coffee, Cocoa, Platinum and PalladiumGo with momentum' trades: bullish Lme Tin, Copper, Gold and Lean Hogs, bearish Soybean, Soybean Meal, Wheat and Corn Hurricane Milton and Orange Juice Prices Orange juice futures rose as Hurricane Milton approached Florida throughout the week.

Hurricane Milton and Orange Juice Prices // CTA Update

<ul><li>In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with commodity prices, squeezing margins.</li><li>"When commodity prices normalize and readjust, those input prices tend to be sticky, which shrinks producer margins," Meyer says. "...It was maybe easier to make a little bit of money in '22, '23.</li><li>It's going to be a little bit tougher in the next crop year."</li></ul>

In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with commodity prices, squeezing margins."When commodity prices normalize and readjust, those input prices tend to be sticky, which shrinks producer margins," Meyer says. "...It was maybe easier to make a little bit of money in '22, '23.It's going to be a little bit tougher in the next crop year."

Which Commodity Trades "Big Money" currently favors // USDA Outlook 24-25 Highlights

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Soybean Meal (SM A COMDTY)

Soybean-Meal Oversupply Crisis Incoming?

Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal. Per soybean crushed,...

The Commodity Report

The Drill – What will world peace mean for markets?

All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order. For macro investors...

Steno Research

Hurricane Milton and Orange Juice Prices // CTA Update

Contrarian' trades: bullish Energy, Cattle Feeder, Lme Lead and Lme Nickel, bearish Coffee, Cocoa, Platinum and Palladium

The Commodity Report

Which Commodity Trades "Big Money" currently favors // USDA Outlook 24-25 Highlights

In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)