March 2023 - State of The Commodity Market

Our commodity-related macro framework for the month - All the macro fundamentals that investors with commodity exposure need to know

We continue to see mixed signals in economic momentum, but the risk remains on the bearish side. A number of divergences between economic momentum and especially soft commodities have become visible. As you can see in the graphic below - the only commodity sector which remains green all across the board is the soft sector.