”We are heading into 2026 with a fairly bearish view on energy markets, while we believe most metals will be better supported by tighter fundamentals. Grain prices have likely bottomed, but we could see more downward pressure on soft commodities. We entered 2025 with a relatively bearish view of the commodities complex, while expecting gold to be the standout. And that was a pretty good call, especially when you look at oil and European natural gas. The oil market has been largely unfazed by geopolitical events and sanction uncertainty, which has seen it trade lower. A number of agri commodities have also come under pressure, including cocoa, sugar, wheat and corn, on the back of more comfortable supply conditions. That said, wheat and corn have clawed their way back from the lows seen this year, with trade tensions easing between the US and China.”
Morten W. Langer
