Commodities recovered moderately to end August but on light volume. On the first trading day of
Gold has usually turned up in September and into October. European jewelry manufacturers return from August vacations to face immediate and traditonal demand from India, then the West, and finally China. But platinum has usually outperformed gold for months.
In energies, the shoulder month of September has tended to be one of accumulation for natural gas, crude oil, and heating oil as cooler temperatures approach and the industry prepares for winter.
Wheat has already been harvested but winter wheat planting gets underway. Plants will need snowcover, but Australia and Argentina harvest in December/January. Corn and soybean harvests get under way in September and then accelerate into October. Supplies will be huge. How much have price declines already discounted?
Meats may or may not have peaked, but much time will be required to rebuild both herds. Prices are likely to remain relatively high for some time, offering many trading opportunities.
Will the US dollar continue to climb as the Fed ends QE? Will that be anticlimactic?