Refocusing the 🐿️'s Ag Positioning

Complacency in the grain complex looks overdone. New Acorn!

Summary

• As we have been intimating in our notes over the course of the past couple of months, we are getting increasingly bullish on the grain complex.

• As such, we are repositioning our exposure to agricultural commodities. We will be closing out the existing ‘Acorn’ option positions in (the diversified Ag ETF) DBA 0.00%↑ and wheat (via the WEAT 0.00%↑ wheat ETF) to refocus on fresh structures in both corn and wheat.

• Full details below including a video walk-through.

Refocusing the 🐿️'s ‘Ag’ Positioning

We have been running a number of agricultural commodity (“Ag”) related Acorns over the course of 2023. The core position has been via strip of call options on in DBA 0.00%↑ Invesco’s DB Agriculture Fund, an ETF that invests directly into a basket of Ag futures contracts.

A link to the original report (from late February) is linked below. Many of the high-level climate theories (e.g., Gleissberg and El Nino Modoki) and geopolitical effects (Ukraine War and China exporting food inflation) from this report still stan…