September 2021 Edition Bloomberg Commodity Outlook 2021

Bloomberg Commodity Outlook

A House of Cards?

$50 Crude, $4 Corn & Copper, $2,000 Gold - Least-Resistance Path

This Is a Problem for Commodities - Hot Equities, Cold Dollar

What Can Stop WTI Crude Oil From Reverting Toward $50 a Barrel?

Gold $2,000 Resistance May Be Less Enduring Than Copper $10,000

Barring Something Unusual, $4-a-Bushel Corn Likelier Than $6

September 2021 Edition Bloomberg Commodity Index (BCOM)

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September 2021 Edition Bloomberg Commodity Outlook 2021

Contents

03 Broad Market Outlook

05 Energy

07 Metals

9 Agriculture

Data

11 Performance

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September 2021 Edition Bloomberg Commodity Outlook 2021

Data and outlook as of August 31, 2021

Mike McGlone – BI Senior Commodity Strategist

BI COMD (the commodity dashboard)

Note ‐ Click on graphics to get to the Bloomberg terminal

$50 Crude, $4 Corn & Copper, $2,000 Gold - Least-Resistance Path Performance: August -0.3%, 2021 +23.0%, Spot +22.5% (Returns are total return (TR) unless noted)

(Bloomberg Intelligence) -- The hottest commodity in 1H -- lumber -- returned to its five-year mean and we see similar risks for the broader market. For WTI crude oil, that's closer to $50 vs. about $68 on Aug. 31. A favorable Corn Belt growing season should add to harvest price pressure, if past patterns repeat. High elasticity of supply sectors -- agriculture and energy -- are particularly vulnerable to more of the same price pressure in the past decade. Supply-constrained gold and the metals have the greatest potential for sustained upside. The bottom line is the stock market needs to keep going up for broad commodity-market stability. Declining bond yields appear likely to maintain an enduring companion in moribund commodity prices.

Elevated Peak Risks This Is a Problem for Commodities - Hot Equities, Cold Dollar. Macro, micro, technical and fundamental, we see elevated risks for commodities to keep reverting downward. The top macroeconomic driver, the record-setting stock market, needs to keep rising for commodity buoyancy, but declining bond yields and the recovering dollar point to more enduring headwinds. Commodities Pushing on a String vs. Equities, Dollar. If the stock market can't keep rising while the dollar declines, as it did in 1H, we believe it may tilt broad commodity-price risks to the downside in 2H. Rising positive commodity correlations to equities and negative vs. the dollar elevate reversion risks. Our graphic depicts the precarious position of the Bloomberg Commodity Spot Index (BCOM) vs. the most-extended S&P 500 vs. its 60-month moving average in over 20 years, juxtaposed with the too-cold greenback. The stock market may keep rising on ample liquidity, but free-market capitalism and supply-demand elasticity are headwinds for broad commodities, which showed divergent weakness to the record-setting stock market in August. The BCOM 60-month correlation to the S&P 500 at about 0.70 is near the highest in our database since 1960.

A Little Mean Reversion Can Be Profound

Which Wins, Rising Equities or Declining Yields? If declining U.S. bond yields and China's reserve-requirement ratio (RRR) are a guide, we believe commodity prices are set to follow. Our graphic depicts the Bloomberg Commodity Spot Index (BCOM) near the all-time high from 2011 juxtaposed with the slumping U.S. Treasury long-bond yield and China's RRR. Some reversion in commodity prices should be expected from such extended levels, but the repercussions could be similar to the 1987 stock market crash, as we see it. Most don't remember that year as up 2% in the S&P 500. A Commodity Correction May Feel Like a Crash

Our graphic depicts one of the most extreme uninterrupted rallies in the history of the BCOM since 1960. The recovery from the 2008 low saw three corrections greater than 10%. About 5% has been the max drawdown since the 2020 trough.

Learn more about Bloomberg Indices

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September 2021 Edition Bloomberg Commodity Outlook 2021

Divergent Commodity Weakness vs. Gold, Equities. The disparity between elevated crude oil prices and depressed gold should keep narrowing in 2H, we believe. On Aug. 31, the 2021 performance spread between West Texas Intermediate and the metal declined to about 47% vs. closer to 60% at the end of 1H. Copper vs. gold is similar. The industrial metal outpaced the precious at about 40% at its peak in May, but the spread has narrowed closer to 30%. The fact that performance discrepancies between most commodities and gold have diminished with the stock market still setting records is indicative of broad commodity-divergent weakness. Narrowing Performance Spreads and Dropping Yields

Declining bond yields may be sniffing out more enduring deflationary trends. If the S&P 500 has what used to be considered normal -- say a 10% correction -- we see little to stop WTI crude oil from reverting toward $50 a barrel. Lumber and Soybeans May Lead Commodities Lower. Many commodities are at risk of following lumber and soybeans, which were stalwarts in 1H but ended Aug. 31 down on the year. An enduring lesson, notably in the past decade, is to not underestimate commodity supply elasticity. We fear such forces may be more powerful than ever, given rapidly advancing technology. The Bloomberg Energy Subindex Total Return's almost 50% at the end of August is a prime reversion suspect. About $77 a barrel is the WTI crude oil 2021 high, which matched the peak from 2018 and is around 50% from the 2008 apex. That's a bear market, as we see it, with elevated potential of more of the same. More Reversion? Energy vs. Precious Metals

Commodities appear to have poor risk vs. reward upside potential vs. the stock market at the start of September. Even with equities rising in August, most commodities declined. Index Performance (as of NY morning Sept. 1)

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September 2021 Edition Bloomberg Commodity Outlook 2021

Energy (Index weight: 19% of BCOM) Performance: August -0.4%, 2021 +49.5% , Spot +50.1%

$50 WTI Gravity Pull What Can Stop WTI Crude Oil From Reverting Toward $50 a Barrel? Price spikes in natural gas and crude oil due to Hurricane Ida are more likely to spur enduring bear markets, if past storms are a guide. Divergent crude-oil weakness in August vs. the stock market, and more of the same declining U.S. production costs vs. slack demand, indicate deflationary commodity trends at greater risk of resumption. Crude Gravity Pull Toward $50 May Be Too Strong. WTI crude oil is set to keep reverting toward its enduring mean around $50 a barrel on the back of unfavorable fundamentals that we saw before the pandemic. The U.S. reversal from being the world's largest importer to a net exporter in 2019 was the paradigm shift in global energy that has gained endurance. Our graphic depicts a primary reason why: Rapidly advancing technology is a negative for crude prices on both sides of the demand vs. supply equation. The average cost of U.S. shale near $34 has dropped to the lowest in our database since 2014.

WTI Crude Oil May Be Capped Near $75

U.S. liquid-fuel consumption is estimated by the Department of Energy to reach 20 million barrels a day by the end of 2021 -- about the same level as 20 years ago. The rest of the world is following as electrification and decarbonization trends accelerate.

What Might Sustain WTI Crude Above $75? If the stock market keeps going up, WTI crude may sustain above $50 a barrel. This is how vulnerable we view oil at the start of September. The more enduring downtrend in U.S. Treasury bond yields may be the better guide for the world's most significant commodity. Our graphic depicts crude peaking in

1H near $75 a barrel as the yield on the long bond dropped below the key 2% threshold. It's a question of endurance, and we see the upper hand on the side of more of the same: downward trajectories.

Back to Enduring Downtrends? Crude Oil, Yields

Divergent weakness in August vs. the stock market indicates the entrenched oil bear market regaining its foothold. If the seemingly unstoppable S&P 500 bull market wobbles a bit, we see little to stop WTI from initially reverting toward its mean since 2014 around $50 a barrel.

$4 Natural Gas May Indicate Energy Vulnerability. A key question at the start of September is the potential for the 2021 energy-sector leader, natural gas, to sustain above $4 per million BTUs, which we view as unlikely. Risk vs. reward appears tilted toward more of the same from the past decade, migration toward $3, which is about the benchmark natural-gas future average price since 2011, vs. $4.3 on Aug. 30. In a similar high elasticity-of-supply commodity category as crude oil and grains, U.S. production of natural gas will need to do something different this time -- not increase on the back of higher prices -- or more of the same bear-market conditions should prevail.

Natural Gas Spikes Have been Fleeting

We believe most of the post-2020 bounce in the Bloomberg Energy Spot Index, up about 50% in 2021, is likely done. Greater risks appear to lean toward the enduring bear-market trend since the 2008 peak.

Is It Different This Time for Elevated Crude? The fact that supply elasticity has been a primary headwind for Brent crude for about a decade, and that the price is the most relatively elevated since its 2008 peak, tilts risks toward reversion lower, as we see it. The graphic depicts the 2021

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September 2021 Edition Bloomberg Commodity Outlook 2021

Brent high of $77.84 a barrel appearing similar to $147.50 in 2008, $127.02 in 2011 and $86.74 in 2018. A bounce from the 2020 swoon makes sense, but even if crude is embarking on a new bull market, its history of stretching about 50% above the 20-month mean hasn't fared well for new longs around current levels.

Brent Crude Is Vulnerable to High Price Cure

Brent reverting toward its 20-month average at about $52 would mean little. The commodity adage that high prices are the cure for high prices may be more relevant than ever, particularly in a world of accelerating decarbonization and electrification.

The Gold Bull vs. Crude-Oil Bear. The commodity market is increasingly about the dichotomy between gold's elongated upward price trajectory vs. the opposite in crude oil, with each path distorted by the pandemic. Gold has the advantage of limited supply in a world of limitless levels of quantitative easing and debt-to-GDP, but it faces competition from newcomer Bitcoin and a seemingly unstoppable stock market. Decarbonization and electrification are part of advancing technology that reduces demand for oil and increases its supply.

Discounted Gold Bull vs. Extended Bear Crude Oil

Our graphic depicts gold backing up to its upward-sloping 24-month moving average in what we see as a dip in a bull market. Crude appears as the opposite. The July high may match the 2018 peak, and with unfavorable fundamentals.

Declining bond yields following crude oil adds a tailwind to the gold price.

Front Energy Futures

Curve Analysis – Contango (-) | Backwardation (+)

Measured via the one-year futures spread as a percent of the first contract price. Negative means the one-year out future is higher (contango). Positive means the one-year out future is lower (backwardation).

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September 2021 Edition Bloomberg Commodity Outlook 2021

Metals All (Index weight: 40% of BCOM) Performance: August -1.3%, 2021 +6.2%

Industrial (Index weight: 19.0% of BCOM. Performance: August +0.3%, 2021 +22.7%, Spot +23.8%

Precious (Index weight: 16.1% of BCOM. Performance: August +1.4%, 2021 -5.9%, Spot -5.2%

Gold Set for 2H Glory Gold $2,000 Resistance May Be Less Enduring Than Copper $10,000. Copper and aluminum are reaching upper range price caps, but we see gold as a discounted bull market with improving fundamental underpinnings. The sector least subject to supply elasticity, metals are poised to continue outperforming broad commodities, but gold may be gaining additional favor with declining bond yields and a stretched stock market.

Gold Appears Too Cold, Copper Too Hot. The copper-to-gold ratio has reached the highest level in about seven years and a rare disparity vs. declining U.S. Treasury bond yields, which we expect will be resolved by a resumption of the precious metal outperforming the industrial. Our graphic depicts the price of copper vs. gold highly subject to simply follow the enduring downtrend in long-bond yields, which breached key 2% support at the start of July. The key question is whether the relationship has changed, which we view as a low probability. Mean-Reversion Risks Favor Gold

A more likely scenario, as we see it, is that the superior production and constrained fundamentals of the precious metal and store-of-value prevail over the greater supply elasticity of copper in a world of unprecedented monetary and fiscal stimulus.

Metals Leading Commodities, Set to Accelerate. Since the start of the millennium, the Bloomberg All Metals Total Return Index has outperformed the broad commodity market, and we see risk vs. reward tilted toward trend acceleration. The easiest to store and benefiting from the yin and yang of industrial vs. precious, metals should have a brighter future than those commodities with high elasticity of supply, such as crude and corn. Our graphic depicts the about 200% advance in the ratio of the metals' total return vs. the Bloomberg Commodity Index since the start of 2000, overlaid with the steady rise in U.S. M2 money supply. What Might Stop These Trends?

It's a virtual certainty that growth of the currencies that commodities are priced in will exceed that of the gold supply. The old-guard inflation hedge, however, is gaining competition from Bitcoin accentuating the benefits of diversification.

Aluminum, Copper on Top - A Question of Endurance. Industrial metals atop our 2021 performance scorecard vs. precious on the bottom is a situation we view as unlikely to endure. Tightening aluminum demand vs. supply conditions, notably in China, have boosted the metal and its industrial brethren, but akin to the copper peak just above $10,000 a ton, we see limited upside for the white metal over $3,000. Supply elasticity is proving strong for copper, indicating headwinds for the industrial-metal sector, but ESG, electrification and decarbonization trends should maintain the group's upper hand vs. most other commodities, with the exception of precious metals. Base Metals OK, as Long as Stock Market Rises

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September 2021 Edition Bloomberg Commodity Outlook 2021

Among the most supply-constrained commodities, gold and silver have the relative advantage heading toward the end of 2021 of having experienced sharp corrections within more enduring bull markets, as we see it.

Copper May Be Indicating a Bond Bull Market. Our copper outlook is unfavorable vs. gold. Treasury yields typically decline when the red metal's price reverts from elevated extremes, as it did in 1H. Copper's pullback from the most extended stretch above its 100-week moving average since 1990 marked the bull market in bonds that started in 2006. From that peak at about 5.2%, the 10-year Treasury yield dropped to last year's low around 0.5%. Our graphic shows the potential for similar as copper appears to be in its early days of reverting from extending about 60% above its mean in May -- the most since 2006. Next Stop for U.S. Yields May Be Zero – Copper

We view copper as a top commodity that needs to advance in price to indicate broad inflation, but greater forces of supply and demand elasticity may remain a headwind.

What Stops This Top Commodity Trend? The world changed in 2008, and the potential for more in 2021 tilts our bias toward resuming the trend of gold outperforming crude oil. The graphic depicts the price ratio of West Texas Intermediate to the metal turning downward from good resistance. Gold has firm underpinnings from its limited supply and its status as a store-of-value diversifier in the race to debase among fiat currencies. Juxtaposed is the world's most significant commodity -- oil -- facing declining demand vs. rising supply as technology advances and demographics shift. The current ratio was reached during the financial crisis and is the most stretched above its 100-week moving average since 2013. A top oil support and gold obstacle has been the unstoppable stock-market rally. Some equity reversion may spark similar in the ratio.

Crude Oil May Be Peaking vs. Gold

Gold Support and Rising Debt-to GDP. It's the near certainty of rising U.S. debt-to-GDP and increasing dependence on quantitative easing that keeps our gold-price bias bullish, notably on the back of a good discount from the 2020 peak. Down about 9% in 2021 and having retraced almost 20% from record highs, the metal appears ripe to resume its rally. Our graphic depicts the relative discount of gold to U.S. debt-to-nominal GDP and the upward-sloping 10-quarter moving average indicating a bull market. A potential catalyst for gold to breach $2,000-an-ounce resistance is a bit of reversion in the stock market and continued decline in U.S. Treasury bond yields from the March peak. Gold's Support as Inevitable as Taxes

We see gold more likely to approach $2,000 resistance than sustain below $1,700 support in 2H. Like bonds, the metal may provide a hedge vs. a rise in stock-market volatility.

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September 2021 Edition Bloomberg Commodity Outlook 2021

Agriculture (Index weight: 35% of BCOM) Performance: August +0.1%, 2021 +19.3, Spot +14.7%

Grains (Index Weight: 24% of BCOM) Performance: August -1.9%, 2021 +13.7%, Spot +7.4% Softs (Weight: 6% of BCOM) Performance: August +7.9%, 2021 +34.0%, Spot +36.2%

The Supply Elasticity Cure Barring Something Unusual, $4-a-Bushel Corn Likelier Than $6. A favorable Corn Belt growing season and the greatest incentive to produce in about a decade, plus peaking exports and a recovering dollar, are a combination for 2021 to mark an enduring grain-price peak. High supply elasticity may play out via piles of grain production and price risks following lumber toward longer-term, lower means. Grains May Have Passed the Supply-Elasticity Test. As lumber futures revert to the five-year mean, risks are similar for corn, grains and the agriculture sector. In the category of high elasticity of supply, the most significant ag commodity -- corn -- may face storage-facility constraints into year-end, due to a bumper crop. Favorable growing conditions and the greatest price-production incentive in about a decade should be a good test of the Corn Belt supply machine; we expect a passing grade. Our graphic depicts the downside risk in the corn future toward $4 a bushel vs. the Aug. 30 price closer to $5.40.

What Stops Corn From Reverting Toward $4?

Agriculture commodities, dominated by the grains, are more subject to weather than high elasticity-of-supply brother energy, but increasing global-production diversification and favorable Corn Belt conditions are price headwinds.

Prices, Exports, the Dollar May Have Cured Grain Rally. The best of the agriculture commodity bounce may be over, if peaking U.S. grain exports are a guide. Rising prices and the strengthening dollar have likely cured the 2021 rally. Our graphic depicts U.S. grain exports topping near the 30% mark vs. production, the highest since 2000. Global demand elasticity appears to be responding to prices and the trade-weighted dollar, which has recovered about 4% from the 1H low to Aug. 30. The greenback's upward trajectory appears ready to gain momentum, with the dollar comparatively better than a basket of fiat currencies.

2021 Grain Peak Appears Akin to 2008, 2012

Unless the forces of free-market capitalism are no longer valid, our graphic depicts the Bloomberg Grains Spot Subindex putting in a peak akin to 2008 and 2012. Some form of production reduction may be necessary to sustain above the 2021 apex.

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September 2021 Edition Bloomberg Commodity Outlook 2021

Corn Futures Risk Ending 2021 With a Loss. The agriculture sector is at elevated risk of following mean-reverting lumber and soybeans lower, as we see it. Up about 7% in 2021 to Aug. 30, the Bloomberg Soybeans Subindex Total Return peaked around 26% in May as Corn Belt planting reached its apex. With harvest on the way, the front soybean future may gravitate toward its five-year mean around $10 a bushel rather than sustaining above the end-of-August price of $13. Approaching 4Q, agriculture is about realized grain production. We see risk tilted toward reducing the green on our 2021 performance screen. Up about 15% in 2021, the Bloomberg Grains Subindex Total Return may head toward unchanged.

Harvest Pressure May Be Just Beginning

For the front corn future, flat in 2021 would be about $4.84 a bushel vs. $5.40 on Aug. 30. Peaks in lumber, crude oil and copper represent plenty of commodity companionship.

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September 2021 Edition Bloomberg Commodity Outlook 2021

Individual Commodities Open Interest

Individual Commodities Front Future Change

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Composite Indices * Click hyperlinks to open in Bloomberg

Aug YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearBloomberg Commodity ER BCOM -0.30% 22.97% 30.92% 14.63% 15.96% -41.63% -6.10% 1.05% -5.63% 412.19%Bloomberg Commodity TR BCOMTR -0.30% 23.01% 31.00% 18.48% 22.64% -37.99% 20.84% 107.64% 333.72% 4977.02%

Bloomberg Commodity Spot BCOMSP -0.24% 22.54% 35.14% 39.59% 58.65% 0.22% 305.16% 422.05% 375.29% 2314.73%Bloomberg Roll Select BCOMRST -0.22% 23.63% 31.78% 22.23% 29.37% -28.85% 170.50% 452.22%

1 Month Forward BCOMF1T 0.02% 25.98% 34.99% 26.76% 33.30% -27.80% 112.72% 340.41% 2 Month Forward BCOMF2T 0.01% 24.94% 34.05% 30.61% 39.78% -26.26% 163.58% 427.51% 3 Month Forward BCOMF3T 0.15% 24.94% 34.49% 30.12% 40.21% -23.60% 188.35% 450.48% 4 Month Forward BCOMF4T 0.13% 24.99% 35.53% 31.98% 44.99% -17.90% 241.10% 5 Month Forward BCOMF5T 0.13% 25.27% 35.47% 34.41% 48.50% -15.68% 253.83% 6 Month Forward BCOMF6T 0.05% 24.19% 33.11% 32.80% 47.05% -15.72% 262.52%

Energy BCOMENTR -0.43% 49.48% 38.10% -25.28% -7.91% -70.20% -78.81% -36.83%Petroleum BCOMPETR -4.69% 44.80% 61.98% -20.19% 18.71% -54.42% -12.74% 126.46%Agriculture BCOMAGTR 0.05% 19.33% 49.81% 38.64% 14.51% -35.76% 24.88% 19.24% 70.93% 1624.83%

Grains BCOMGRTR -1.94% 13.72% 47.71% 31.18% 18.64% -38.02% 0.08% -19.21% -1.82% 469.04%Industrial Metals BCOMINTR 0.33% 22.65% 36.20% 42.38% 77.53% -8.39% 240.47% 286.38%Precious Metals BCOMPRTR -1.37% -5.86% -10.99% 47.39% 27.33% -21.35% 451.99% 419.34% 240.89%

All Metals BCOMAMT -0.52% 7.02% 9.09% 44.16% 51.65% -13.66% 362.36%Softs BCOMSOTR 7.91% 33.99% 45.64% 41.94% -8.98% -54.11% -8.19% -4.24% 71.51% 3631.35%

Livestock BCOMLITR 0.15% 8.71% 19.62% -14.97% -14.22% -32.67% -64.48% -54.15%Ex-Energy BCOMXETR -0.21% 12.50% 25.45% 36.91% 29.95% -23.87% 109.83% 135.63%

Ex-Petroleum BCOMXPET 1.26% 17.66% 24.26% 27.49% 17.61% -38.57%Ex-Natural Gas BCOMXNGT -1.52% 19.49% 33.34% 24.85% 33.41% -26.44%Ex-Agriculture BCOMXAGT -0.42% 24.41% 23.11% 9.80% 24.80% -40.74%

Ex-Grains BCOMXGRT -0.02% 24.51% 27.31% 15.20% 22.90% -39.26%Ex-Industrial Metals BCOMXIMT -0.41% 23.07% 29.83% 13.66% 12.54% -43.48%Ex-Precious Metals BCOMXPMT -0.10% 29.95% 42.90% 12.32% 19.99% -42.30%

Ex-Softs BCOMXSOT -0.98% 22.08% 29.81% 16.70% 24.98% -37.12%Ex-Livestock BCOMXLIT -0.32% 23.87% 31.71% 20.69% 25.03% -38.51%

Ex-Agriculture & Livestock BCOMXALT -0.47% 25.83% 23.53% 12.08% 28.60% -41.77%Bloomberg Dollar Spot BBDXY 0.54% 2.36% -1.24% -3.01% -3.46% 23.97%

Bloomberg US Large Cap TR B500T 2.98% 21.21% 31.61% 68.83% 135.34% 365.25%US Aggregate LBUSTRUU -0.19% -0.69% -0.08% 17.21% 16.55% 36.71% 138.21% 407.21% 1854.12%US Treasury LUATTRUU -0.18% -1.43% -2.11% 15.59% 12.73% 27.94% 119.03% 363.89% 1523.36%

US Corporate LUACTRUU -0.30% -0.22% 2.53% 24.92% 26.30% 63.05% 197.12% 563.03% 2715.52%US High Yield LF98TRUU 0.51% 4.55% 10.14% 22.89% 38.04% 97.97% 343.00% 895.57%

Single Commodity Indices

Aug YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearNatural Gas BCOMNGTR 10.79% 60.64% 12.84% -40.02% -57.90% -92.16% -99.56% -99.49%

Low Sulfer Gas Oil BCOMGOT -2.41% 39.06% 52.61% -25.07% 23.49% -53.73% 68.59% 194.65%WTI Crude BCOMCLTR -6.94% 44.09% 59.65% -36.87% -8.90% -71.19% -54.49% 33.49%

Brent Crude BCOMCOT -3.96% 45.95% 60.10% -4.98% 50.37% -47.78% 107.89% 588.45%ULS Diesel BCOMHOTR -3.42% 43.07% 66.93% -16.92% 23.85% -50.42% 21.98% 110.26%

Unleaded Gasoline BCOMRBTR -2.56% 51.58% 82.46% 0.08% 39.05% -28.11% 98.64% 430.65%Corn BCOMCNTR -2.96% 23.05% 63.17% 32.31% 20.40% -51.92% -60.50% -78.79% -74.38% -12.79%

Soybeans BCOMSYTR -4.20% 6.03% 45.05% 44.60% 18.30% 16.84% 355.81% 413.10% 476.24% 3663.02%Wheat BCOMWHTR 0.85% 8.59% 24.33% 19.31% 19.59% -59.77% -74.15% -84.79% -82.42% -22.18%

Soybean Oil BCOMBOTR -6.80% 56.38% 102.53% 108.64% 69.87% -21.27% 102.18% 49.81% 108.61% 1957.81%Soybean Meal BCOMSMT -2.34% -21.89% 7.68% -3.12% -10.67% 34.58% 639.13% 1138.40%HRW Wheat BCOMKWT 4.03% 12.21% 40.49% -1.23% -3.36% -71.80% -57.86% -46.43%

Copper BCOMHGTR -2.20% 24.19% 42.51% 62.10% 100.96% -5.94% 582.12% 778.64%Alumnium BCOMALTR 4.54% 34.97% 47.46% 17.25% 53.90% -25.90% 6.47% 3.53%

Zinc BCOMZSTR -1.14% 7.72% 16.64% 30.94% 42.41% 21.76% 153.76% 129.83%Nickel BCOMNITR -0.05% 17.13% 26.10% 51.19% 94.18% -20.96% 357.50% 299.57%Gold BCOMGCTR 0.05% -4.73% -9.04% 44.81% 30.75% -9.05% 461.56% 376.17% 284.50%Silver BCOMSITR -6.23% -9.63% -16.98% 56.37% 18.46% -50.05% 357.84% 409.31% 82.16%Sugar BCOMSBTR 10.78% 33.51% 54.69% 60.97% -21.55% -61.49% -1.58% 99.05% -43.08% 127.76%Coffee BCOMKCTR 7.28% 43.70% 39.35% 42.46% -17.76% -73.60% -62.67% -72.33% -35.66%Cotton BCOMCTTR 3.52% 13.64% 32.75% 1.23% 30.43% -9.31% -26.38% -47.18% 142.12% 1376.92%

Live Cattle BCOMLCTR -0.23% -1.97% -0.05% -12.66% -2.60% -15.49% -23.29% 17.62% 526.80% 2080.14%Lean Hogs BCOMLHTR 0.89% 30.47% 69.70% -18.84% -32.90% -56.39% -90.13% -92.24%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2021

2021

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Composite Roll Select Indices * Click hyperlinks to open in Bloomberg

Aug YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearBCOM Roll Select BCOMRST -0.22% 23.63% 31.78% 22.23% 29.37% -28.85% 170.50% 452.22%

Roll Select Agriculture BCOMRAGT 0.71% 23.69% 51.67% 38.39% 19.92% -31.30% 121.51% 146.07%Roll Select Ex-Ags & Livestock BBURXALT -0.70% 24.44% 23.74% 16.87% 37.53% -29.94% 191.64%

Roll Select Grains BCOMRGRT -1.36% 16.46% 47.97% 29.25% 23.23% -35.72% 86.04% 65.27%Roll Select Softs BCOMRSOT 8.66% 38.49% 47.31% 38.26% -11.25% -51.54% 52.66% 87.21%

Roll Select Livestock BCOMRLIT 0.71% 12.75% 24.98% -6.56% -18.41% -32.65% 14.58% 103.61%Roll Select Energy BCOMRENT -0.97% 46.70% 40.82% -12.22% 13.54% -52.94% 5.70% 371.15%

Roll Select Ex-Energy BCOMRXET 0.19% 14.40% 26.22% 37.16% 31.59% -21.36% 245.04% 345.26%Roll Select Petroleum BCOMRPET -4.31% 43.02% 54.98% -5.14% 43.31% -32.71% 231.94% 988.43%

Roll Select Industrial Metals BCOMRINT 0.58% 22.42% 35.47% 38.91% 74.19% -7.89% 376.30% 515.26%Roll Select Precious Metals BCOMRPRT -1.38% -6.02% -11.34% 48.53% 28.44% -20.13% 471.18% 438.57%

Single Commodity Roll Select Indices

Aug YTD 1-Year 3-Year 5-Year 10-Year 20-Year 30-Year 40-Year 50-YearNatural Gas RS BCOMRNGT 7.95% 56.16% 24.59% -32.75% -44.89% -84.21% -94.54% -74.18%

Low Sulfer Gas Oil RS BCOMRGOT -2.16% 40.82% 48.88% -22.77% 22.45% -50.35% 103.96% 316.22%WTI Crude RS BCOMRCLT -5.47% 43.96% 55.37% 4.88% 52.13% -31.23% 254.96% 1367.69%

Brent Crude RS BCOMRCOT -4.28% 40.63% 48.85% -7.85% 49.66% -39.35% 253.31% 1226.33%ULS Diesel RS BCOMRHOT -3.34% 41.02% 58.81% -23.34% 8.40% -54.55% 107.58% 399.31%

Unleaded Gasoline RS BCOMRRBT -3.51% 52.17% 77.81% 18.87% 79.67% 7.48% 390.87% 989.88%Corn RS BCOMRCNT -2.96% 20.81% 54.67% 24.00% 17.65% -55.37% -33.03% -57.10%

Soybeans RS BCOMRSYT -3.38% 13.50% 53.53% 55.66% 43.83% 47.99% 640.84% 645.83%Wheat RS BCOMRWHT 2.30% 13.39% 26.59% 12.84% 9.72% -63.17% -23.85% -25.88%

Soybean Oil RS BCOMRBOT -5.98% 63.77% 109.14% 113.44% 74.45% -13.96% 189.44% 175.60%Soybean Meal RS BCOMRSMT -1.79% -13.80% 13.41% 6.28% 10.43% 74.04% 1064.34% 1722.62%HRW Wheat RS BCOMRKWT 4.14% 14.95% 42.77% -4.49% -4.35% -70.34% -11.35% 25.97%

Copper RS BCOMRHGT -2.10% 23.52% 41.02% 58.54% 99.52% -6.93% 813.03% 1280.80%Alumnium RS BCOMRALT 5.11% 34.96% 46.08% 12.86% 45.73% -24.86% 47.12% 62.99%

Zinc RS BCOMRZST -0.81% 8.03% 17.43% 26.94% 40.05% 21.38% 268.27% 263.40%Nickel RS BCOMRNIT -0.10% 16.81% 25.88% 49.97% 93.44% -18.91% 622.04% 625.76%Gold RS BCOMRGCT 0.04% -4.78% -9.22% 46.65% 32.55% -7.38% 473.29% 384.60%Silver RS BCOMRSIT -6.23% -10.14% -17.89% 55.09% 17.60% -49.63% 392.48% 459.76%Sugar RS BCOMRSBT 13.12% 42.61% 57.17% 51.11% -28.18% -58.87% 86.16% 294.78%Coffee RS BCOMRKCT 7.14% 43.15% 38.85% 41.39% -18.21% -72.51% -44.27% -44.72%Cotton RS BCOMRCTT 3.04% 19.05% 39.66% 6.40% 40.34% 0.53% 16.14% -6.35%

Live Cattle RS BCOMRLCT 0.65% 6.80% 13.11% -8.27% -1.80% -19.06% 40.73% 143.76%Lean Hogs RS BCOMRLHT 0.89% 25.00% 55.68% 3.37% -37.86% -50.51% -29.41% 10.69%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2021

2021

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BCOM Constituent Weights BCOM Index MEMB <GO> * Click hyperlinks to open in Bloomberg

Group Commodity TickerAug 2021 Contrib

to Return %Aug 31 2021

Weight %Jul 30 2021 Weight %

Aug 2021 Weight% Change

2021 Target Weight

Natural Gas NG 1.09 11.15 9.83 1.31 8.07%Low Sulfer Gas Oil QS (0.07) 3.00 3.07 (0.07) 2.64%

WTI Crude CL (0.69) 9.18 9.92 (0.74) 8.14% Brent Crude CO (0.31) 7.58 7.88 (0.29) 6.86% ULS Diesel HO (0.09) 2.41 2.49 (0.08) 2.08% Gasoline XB (0.07) 2.54 2.87 (0.32) 2.18%Subtotal (0.15) 35.86 36.06 (0.19) 29.97%

Corn C (0.16) 5.07 5.18 (0.11) 5.59% Soybeans S (0.21) 4.66 4.85 (0.19) 5.82%

Wheat W 0.02 2.72 2.65 0.08 2.89% Soybean Oil BO (0.27) 3.60 3.85 (0.25) 3.20%

Soybean Meal SM (0.06) 2.42 2.47 (0.05) 3.60% HRW Wheat KW 0.06 1.57 1.48 0.09 1.57%

Subtotal (0.62) 20.04 20.48 (0.44) 22.65% Copper HG (0.12) 5.36 5.48 (0.12) 5.39%

Aluminum LA 0.21 4.72 4.50 0.22 4.21% Zinc LX (0.03) 2.84 2.86 (0.02) 3.25%

Nickel LN (0.00) 2.46 2.46 0.01 2.71%Subtotal 0.05 15.39 15.30 0.09 15.56%

Gold GC 0.01 11.68 11.65 0.03 14.65% Silver SI (0.22) 3.22 3.42 (0.20) 4.35%

Subtotal (0.21) 14.90 15.07 (0.16) 19.00% Sugar SB 0.31 3.19 2.87 0.32 2.99% Coffee KC 0.26 3.72 3.40 0.32 2.74% Cotton CT 0.05 1.47 1.42 0.05 1.51%

Subtotal 0.62 8.38 7.69 0.69 7.23% Live Cattle LC (0.00) 3.56 3.56 0.00 3.85% Lean Hogs LH 0.01 1.86 1.84 0.02 1.73%Subtotal 0.01 5.43 5.41 0.02 5.57%

Total (0.30) 100.00 100.00 100.00%

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains

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