Commodity Research Notes

Spreads, not flat price — mid-stream margins are where the trade lives.

A monthly research note across agriculture, energy, and metals. Each issue is dated, sourced, and written as a market view — not a live dashboard. Built for desks that already have the price screen.

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Issue No. 02

April 2026

Commodity Spread Monitor — April 2026

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“Mid-stream margins, not feedstock or end-product scarcity, are doing the work across all three markets this month.”

Agriculture
$3.41/bu
CBOT board crush
92nd percentile, 5Y · +108% vs Apr avg
Energy
$46.45/bbl
NYMEX 3-2-1 crack
+31% vs 5Y April avg ($35.49)
Metals
−$124/t
Spot TC (CRU, Apr 14–21)
2026 benchmark settled at $0/t

Adrian Turion·Cut-off April 26, 2026·1–3 month view