Thought it a good time for my "quarterly review". GDT 410 moved higher, but the real story sits underneath the index: powders strengthened, fats diverged, Europe tightened, and Q4 risk is beginning to change. There are moments in commodity markets when the headline moves first. And there are moments when the market changes underneath the headline before anyone is ready to admit it. I think we may be somewhere in between. For much of this summer, European dairy has felt strang

This week I am in Barcelona for Alimentaria. When you are on the trade floor, you realize quickly that the market is not one number. It is conviction, coverage, and execution. That is why I run the GDT poll. Not as a gimmick As a live snapshot of market positioning. What the poll has shown over the last months is not perfection it is something more useful directional honesty. Example 1 January 20 event setup The crowd leaned softer. The largest bucket was down 0 to 2.5 perc