Market walks
A guided path through one market at a time, from the futures screen down to the farm. Each step asks the question an analyst would ask, and the data decides what gets highlighted. You decide what it means.
How editions work
Markets
Coffee
Open question: Brazil's crop estimate keeps rising to a record while exchange stocks sit near a 15-year low. Which side gives way?
Walk the coffee market →Grains
Open question: the US grew a record soybean crop. China is back, and the diesel tank wants the oil. Which buyer is the price following?
Walk the grain markets →Fuel
Open question: diesel is the tightest link. When it eases, does it come through crude, the refinery or demand? And does soybean oil follow it down?
Walk the fuel markets →Natural gas
Open question: funds are heavily short and price fell 15% in a week, yet storage sits on its five-year average and LNG and power demand are at their highest for July. As winter starts, does the short get paid, or squeezed?
Walk the gas market →Livestock
Open question: the cattle pipeline is the thinnest in the years we hold and USDA keeps cutting beef, yet cattle sit 11% below their June high. Hogs are the mirror image. Which way does the gap close?
Walk the livestock markets →All editions
| Published | Market | What moved |
|---|---|---|
| Oct 24, 2026 | Livestock | First edition: live cattle, feeder cattle and hogs side by side. Eight of 20 readings outside their normal range: cattle prices in the top 6% of 15 years, feedlot inventory and placements the lowest in the seven years held, frozen beef the lowest September in 11 years, and USDA's largest May-to-October cut to next year's beef in 13 years. Hog funds hold their 3rd most-short position in 15 years. |
| Oct 24, 2026 | Natural gas | First edition: Henry Hub from futures to storage and winter weather. Five of seven readings outside their normal range: funds more heavily short than in 94% of weeks over 15 years, open interest the 13th-highest of 783 weeks, and July production, LNG exports and gas burned for power each the highest for July in 15 years. Storage sits on its five-year average. |
| Oct 17, 2026 | Fuel | First edition: crude, diesel and gasoline side by side. Eight of 14 readings outside their normal range: diesel at its 3rd-highest weekly close in 15 years, a diesel refinery margin near $104 a barrel, and US distillate stocks the lowest for this week in 15 years. Of four places fuel meets crops, only soybean oil is unusual. |
| Oct 17, 2026 | Grains | First edition: corn, soybeans and wheat side by side. Eight of 21 readings outside their normal range: soybean fund length in the top 2% of 15 years on a record US crop, USDA's 18% raise to corn ending stocks, the smallest US wheat crop since 2007/08 and the weakest wheat export sales in nine seasons. Diesel near a 15-year high enters as context. |
| Oct 16, 2026 | Coffee | First edition. Four of seven links outside their normal range: record Brazil crop estimate, certified stocks near a 15-year low, price in the top tenth, wet flowering rains in Brazil. Corrected Oct 17, 2026: Indonesia’s weather now reads as context only, after a crop-calendar fix. |