The Bloomberg Commodity Index Total Return performance was negative for the month, with 18 out of 22 Index constituents posting losses.
- Agriculture decreased 5.83%, led lower by Sugar amid improved supply expectations for
Brazil’skey Center-South region due to favorable weather conditions at the start of the harvest season.
- Industrial Metals eased 2.05%, driven by Nickel, as changes in inventory levels reflected less tightening than expected given supply disruptions out of
the Philippinesand Indonesia.
- Energy declined 1.45%. Crude Oil and petroleum products fell as US oil production continued to increase alongside inventory levels that are well above the historical average for this time of the year.
Precious Metalsdecreased 0.62%, with both Gold and Silver posting losses, after expectations rose that the US Federal Reserve (Fed) will follow through with its guidance of raising rates two more times in 2017 after the latest rate hike in early March.
- Livestock increased 0.21%, driven higher by Live Cattle, which rose after the
US Department of Agriculturerevised its expectations for 2017 beef exports higher in its latest World Agriculture Supply and Demand Estimate report.
- Spot Return: price return on specified commodity futures contracts;
- Roll Yield: impact due to migration of futures positions from near to far contracts; and
- Collateral Yield: return earned on collateral for the futures.
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