Updates

Natural Gas

With the bulk of the US experience reasonably benign weather for this time of year, we've seen a large sell-off in natural gas over the last few weeks.

With nothing major for the bulls to excited about I'm looking for more of the same.

This week we should see an injection into inventories which will help keep our spread headed our way.

I'm going to tighten my stop right up into 35 as to lock in a nice profit.

Live Cattle / Lean Hogs

This one had been traveling quite nicely until this week, where we have seen a bit of strengh come into the hog market.

I have the stop at breakeven as we got into this one quite early and got a good price.

However we're trading quite close to that level so we might be seeing an exit in the next couple of sessions.

Lean Hogs

Almost immediately after entering, this one started rocketing our way.

However similar to our cattle/hogs, recent hog strength has hurt us a little.

We're still marginally in the money and happy to let it play out as it looks a nice longer term seasonal window.

Copper

This was a sneaky little one that had good fundamentals underpinning a seasonal window nearing its close.

We've seen some ups and downs in this one based on mixed economic data out of both the US and China.

With some Fed speakers mentioning the possibility of a tapering of QE in the coming months I would have hoped to see this one headed our way. Unfortunately the opposite if anything appears to be true.

Seasonals often see a pop on the back of covering as we near the (very well known) end of the optimal window.

The plan was always to hold onto this one as a more fundamental play, so hopefully we don't get stopped out before that's able to play out.

I only have the minimum allocation regardless.