Macro Point Of View

A Bad Feeling About the Harvest

The weather is voting for scarcity and the grain balance sheets are listening. This week I dig into a global

The June truce is already dead: tankers hit in Hormuz, the June memorandum declared finished, and Brent climbing toward $80.

This week scarcity showed up right where consumers feel it. US coffee stocks fell for a 14th straight week (−55.8%

Brent is still holding above $70/bbl, but I don’t think it lasts. This week I dig into the growing gap

Cocoa is back above $5,000 a tonne: and in this quick 5-minute brief I break down exactly why, and why

📊 #ChartOfTheDay: sugar just broke up with crude. For most of the spring, sugar No. 11 and Brent moved almost

This week, the weather wrote the price action. Cocoa punched back above $5,000/t on ICE as heavy West African rain

This Week on MacroPOV: Crude Oil Macro Perspective Brent crude just closed the war gap — price is back in

The ceasefire broke after four days. The Strait of Hormuz closed again on June 20. Peace talks are continuing in

Trump and Iranian President Masoud Pezeshkian signed the peace memorandum this week: the Strait of Hormuz reopens, the Iranian port