The exposure towards short agriculturals has been building up over the past couple of weeks and is now the dominating theme of the portfolio. We are short everything from wheat and oats to sugar and orange juice for a total of ten short agricultural positions. It’s quite a large bet being built up here so expect some larger moves in the portfolio soon, either as the new sector bet starts paying off or if things go against us there will be plenty of stops triggered at similar times.

The long bond futures trade looks tired and we are close to stops on several positions there. Interestingly, while the strategy is long the right side of the curve it is short on the far left side, betting on a shape change.

The long dollar bet failed dramatically a month ago but now it seems like we are going back into that trade but so far in smaller scale.