Global agricultural market overview for the week of March 09–14
🌾 Agricultural markets leaned modestly toward recovery last week as the Iran war pushed oil prices sharply higher, spilling over into grains and vegetable oils. Soybeans, corn, and wheat all moved up in the first sessions of the week, reflecting inflation hedging and rising input-cost concerns.
🛢️ The biggest focus was fertilizer, as disruption around the Strait of Hormuz raised worries over urea and ammonia supply just ahead of the spring planting season. The jump in urea prices led the market to consider whether U.S. farmers may adjust planting plans, cutting some corn acreage in favor of soybeans if costs stay elevated.
📊 Still, the upside in prices was partly capped after USDA’s March WASDE report. The agency raised its 2025/26 global corn production forecast to 1.593 billion tons and lifted ending stocks to 292.75 million tons, mainly due to Brazil and Ukraine, suggesting that global supply is not yet severely tight even as geopolitical risk rises.
🌍 On a broader level, FAO also sent an important signal as its global food price index rose again after five straight monthly declines, led mainly by grains and vegetable oils. This suggests cost pressure is returning to the food chain, especially while high energy prices continue to affect transport, fertilizer, and processing.
☀️ The short-term outlook remains highly sensitive to weather and conflict. Drought in parts of key U.S. growing regions, heat stress in India, and the risk of prolonged trade disruption could continue to support prices, but with overall global supply still relatively stable, the market is more likely to stay headline-driven and volatile rather than move into an aggressive one-way rally.
Global stock market overview for March 09 - March 14
🌍 Global equities ended the week in a clearly defensive mood as tensions between the US-Israel side and Iran escalated, pushing oil sharply higher and reviving inflation fears. The main pressure did not come from geopolitics alone, but from the risk that higher energy costs could slow growth while keeping price pressures elevated.
📉 Major indices broadly weakened over the week. Wall Street closed in the red, with the Dow Jones, S&P 500, and Nasdaq all slipping toward new 2026 lows, while the Nikkei, FTSE 100, and several Asian and European markets also came under pressure as risk appetite faded and oil-import exposure became a bigger concern.
🛢️ Oil remained the key driver. Brent briefly moved above $100 per barrel, while WTI surged again into the weekend, showing that markets are still pricing in significant supply risk around Hormuz. As energy prices climbed, the narrative quickly shifted from easing expectations to stagflation concerns, putting additional pressure on equity valuations.
🏦 Macro signals and bond markets offered little relief. US 10-year yields stayed elevated, the VIX moved higher, and expectations for early Fed rate cuts were pushed further back. That kept short-term capital positioned more defensively rather than rotating back into higher-risk assets.
⚙️ Sector divergence became more visible this week. Energy, defense, and parts of the resource space held up better than the broader market, while airlines, logistics, and other input-cost-sensitive sectors faced heavier pressure. Technology saw some selective rebounds, but not enough to change the broader tone.
🟡 In that backdrop, capital continued to lean toward safe-haven assets such as gold and the US dollar. In the week ahead, markets will likely stay focused on three variables: Middle East developments, the direction of oil prices, and rate expectations, as these will determine whether global equities extend their pullback or begin to stabilize.
Global metals market overview for the week of March 09 - 14, 2026
🔎 The metals market was clearly split this week as Iran-Israel tensions and risks around the Strait of Hormuz continued to drive sentiment. Precious metals found support from safe-haven flows, while base metals reacted more directly to slower growth concerns and supply risks.
🪙 Gold stayed at very elevated levels but still struggled to break higher because the US dollar remained firm and bond yields stayed high. This kept the market in a tug-of-war, with defensive demand still present but capped by expectations that rate cuts may not come quickly. Silver remained more volatile, showing that sentiment is still highly sensitive to macro shocks.
🏭 Aluminum was the standout move of the week as prices jumped on fears of Middle East supply disruption. Hormuz became a major risk point for shipping and logistics, pushing the market to reprice short-term supply tightness. That helped aluminum outperform most other base metals.
🔩 Copper, however, did not show the same resilience. The longer-term story around electrification and energy infrastructure still supports the metal, but short-term trading remained pressured by weak growth signals and inventory concerns.
⛏️ Iron ore also drew attention after China tightened and then temporarily eased restrictions on some BHP products. The move triggered strong volatility and reminded the market that steel raw materials remain highly sensitive to policy shifts from China.
📌 Overall, precious metals kept their defensive role, while base metals reflected growth and supply risks more directly. For the near term, Hormuz, the US dollar, and China policy remain the key drivers to watch.
🔎 Quick read • Long-liq below is heavily concentrated at 6.26–5.90 → 5.74–5.28, with the heaviest pocket clearly sitting around 5.16–4.98; deeper liquidity extends into 4.92–4.64, creating a broad downside magnet. • Short-liq above starts building from 6.70–7.18 → 7.32–7.62, then becomes denser at 7.76–7.94; farther out, 8.06–8.32 remains the outer sweep zone. • The thin zone near price sits around 6.32–6.70, suggesting the current area is relatively empty and price could move fast before reaching the next major liquidity cluster.
🧭 Higher-probability path • As long as price holds the 6.32–6.38 area and avoids slipping back into the nearest long-liq cluster, the higher-probability path still favors an upside sweep because short-liq above is more extended right after the empty zone. • If price holds above 6.70 and then breaks 6.84–6.98, the path can open toward 7.18–7.32 → 7.48–7.62, with room to extend further into 7.76–7.94.
🔁 Alternate path • If price loses the nearby pivot zone and slips below 6.32, the market may rotate lower first to collect the long-liq below. • In that case, the sweep path could develop through 6.26–6.10 → 5.90–5.74 → 5.56–5.28; if selling pressure continues, 5.16–4.98 and 4.92–4.64 become the deeper downside pockets.
⚠️ Risk notes • Because liquidity is thin around the current price, $VVV can move quickly in either direction, so waiting for a break or pullback around the pivot makes more sense than chasing in the empty zone. • If price clears 7.32, trailing may make more sense since liquidity still exists above, especially with the 7.76–7.94 and 8.06–8.32 clusters still notable.
SC02 M1 - pending Short order. Entry lies within LVN and is not affected by any weak zone, with the current resistance zone width of approximately 0.55%. The downtrend has been in progress for 7 hours and 22 minutes, with the maximum recorded price decline reaching 6.72%.
SC02 M1 - pending Short order. Entry lies within HVN and is not affected by any weak zone, with the current resistance zone width of approximately 0.95%. The downtrend has been in progress for 8 hours and 27 minutes, with the maximum recorded price decline reaching 9.66%.
Taiwan clears the way for a major U.S. arms deal after breaking through internal deadlock
📌 On March 12, Taiwan’s legislature unanimously passed a resolution authorizing the government to sign about $9 billion in arms agreements with the United States, removing a bottleneck that had stalled the process amid disputes over the defense budget.
⚠️ The key point is that the resolution allows Taipei to sign first and avoid missing the deadline, as officials warned that any further delay could push Taiwan back in the U.S. production and delivery queue for critical systems.
🛡️ The packages mentioned include HIMARS, Javelin, TOW missiles, and M109A7 self-propelled howitzers, highlighting a continued focus on asymmetric defense and faster response capacity as security risks in the Taiwan Strait remain elevated.
🔎 The move also reflects a notable political compromise, with rival camps ultimately putting security ahead of disputes over transparency and spending scale, even though budget oversight pressure is likely to remain.
🌍 On the external front, the decision strengthens U.S.-Taiwan defense ties and sends a clearer deterrence signal at a time when the regional security environment remains highly sensitive.
📊 $BEAT – Liquidation Map (30 days) – Index ~0.423
🔎 Quick read • Long-liq below is concentrated at 0.406–0.397 → 0.394–0.388, with a heavier pocket around 0.397–0.391; deeper liquidity sits at 0.385–0.378 and 0.375–0.350. • Short-liq above starts building from 0.436–0.442 → 0.445–0.451, then extends into 0.454–0.466. • The thin zone near price sits around 0.406–0.423, suggesting the current area is relatively empty and price could move fast before reaching the next major liquidity cluster.
🧭 Higher-probability path • As long as price holds the 0.406–0.423 area and avoids slipping back into the nearest long-liq cluster, the higher-probability path still favors an upside sweep because short-liq above is more clearly stacked right after the empty zone. • If price holds above 0.436 and then breaks 0.439–0.442, the path can open toward 0.445–0.448 → 0.451–0.454, with room to extend further into 0.458–0.466.
🔁 Alternate path • If price loses the nearby pivot zone and slips below 0.406, the market may rotate lower first to collect the long-liq below. • In that case, the sweep path could develop through 0.400–0.397 → 0.394–0.391 → 0.388–0.385; if selling pressure continues, 0.382–0.378 and 0.375–0.350 become the deeper downside pockets.
⚠️ Risk notes • Because liquidity is thin around the current price, $BEAT can move quickly in either direction, so waiting for a break or pullback around the pivot makes more sense than chasing in the empty zone. • If price clears 0.448, trailing may make more sense since liquidity still exists above, especially with the farther 0.451–0.466 clusters still notable.
SC02 M1 - pending Short order. Entry lies within LVN and meets the positive simplification condition based on the previous profitable Short order, with the current resistance zone width of approximately 0.76%. The downtrend has been in progress for 1 hour and 19 minutes, with the maximum recorded price decline reaching 3.99%.
SC02 M1 - pending Short order. Entry contains POC and is not affected by any weak zone, with the current resistance zone width of approximately 1.17%. The downtrend has been in progress for 7 hours and 55 minutes, with the maximum recorded price decline reaching 10.18%.
NAFTA is back in focus as new research questions the hidden health cost behind free trade
📉 NAFTA took effect on January 1, 1994, but a new NBER working paper released in February 2026 suggests the impact of that trade shock may have extended far beyond jobs and wages, reaching life expectancy in America’s industrial regions.
🏭 According to the study, areas with average exposure to post-NAFTA import competition from Mexico saw age-adjusted annual mortality rise by 0.68% over the following 15 years, while the highest-exposure areas saw mortality about 1.9% higher than the lowest-exposure ones.
👨🏭 The strongest effects appeared among working-age men, especially in regions heavily dependent on manufacturing, where factory job losses weakened income, private insurance access, and the broader social stability of local communities.
🇺🇸 The timing is notable because the paper arrives just as the U.S. and Mexico have launched the 2026 USMCA review process, bringing fresh attention to whether trade policy should be judged not only by growth, but also by the long-term social costs concentrated in specific regions and labor groups.
🔎 Quick read • Long-liq below is concentrated at 0.1453–0.1423 → 0.1408–0.1378, with a heavier pocket around 0.1438–0.1408; deeper liquidity sits at 0.1363–0.1300. • Short-liq above starts building from 0.1549–0.1594 → 0.1609–0.1639, then becomes denser at 0.1654–0.1669; farther out, 0.1684–0.1714 is the broader outer sweep zone. • The thin zone near price sits around 0.1483–0.1549, suggesting the current area is relatively empty and price could move fast before reaching the next major liquidity cluster.
🧭 Higher-probability path • As long as price holds the 0.1483–0.1518 area and avoids slipping back into the nearest long-liq cluster, the higher-probability path still favors an upside sweep because short-liq above is more continuous right after the empty zone. • If price holds above 0.1549 and then breaks 0.1564–0.1594, the path can open toward 0.1609–0.1624 → 0.1639–0.1654, with room to extend further into 0.1669–0.1714.
🔁 Alternate path • If price loses the nearby pivot zone and slips below 0.1483, the market may rotate lower first to collect the long-liq below. • In that case, the sweep path could develop through 0.1453–0.1438 → 0.1423–0.1408 → 0.1393–0.1378; if selling pressure continues, 0.1363–0.1348 and 0.1330–0.1300 become the deeper downside pockets.
⚠️ Risk notes • Because liquidity is thin around the current price, $CC can move quickly in either direction, so waiting for a break or pullback around the pivot makes more sense than chasing in the empty zone. • If price clears 0.1654, trailing may make more sense since liquidity still exists above, especially with the 0.1669–0.1714 cluster still notable.
SC02 H4 - pending Short order. Entry lies within HVN and is not affected by any weak zone, with the current resistance zone width of 7.78%. The downtrend has been in progress for 57 days and 16 hours, with the maximum recorded price decline reaching 66.35%.
SC02 H4 - pending Short order. Entry lies within HVN and is not affected by any weak zone, with the current resistance zone width of approximately 8.12%. The downtrend has been in progress for 57 days and 8 hours, with the maximum recorded price decline reaching 59.15%.
The classic 60/40 portfolio is losing its defensive role as stagflation risk returns to the market.
📉 What stands out right now is that stocks and bonds are no longer offsetting each other the way they did during the low-inflation years. With both asset classes under pressure at the same time, a capital allocation model once seen as stable is starting to show its limits.
🛢️ The main driver is the energy shock linked to the Iran war, which has pushed oil prices higher and reignited inflation concerns. In that environment, bonds are hurt by rising yields, while equities face pressure from higher capital costs and slower growth expectations.
🌍 What markets are pricing now is not just short-term volatility, but the risk of a weaker growth backdrop combined with persistent price pressure. That is exactly the kind of setting in which traditional investment strategies tend to work less effectively.
🏦 The Fed is also stuck in a difficult position, because easing too early could fuel inflation again, while staying restrictive for too long could deepen the slowdown. For investors, the current message is clear: portfolio defense may need to be rethought instead of relying entirely on the old formula.
📊 $CHZ – Liquidation Map (30 days) – Index ~0.0383
🔎 Quick read • Long-liq below is concentrated at 0.0370–0.0362 → 0.0358–0.0350, with a heavier pocket around 0.0367–0.0354; deeper liquidity sits at 0.0346–0.0330. • Short-liq above starts building from 0.0387–0.0395 → 0.0399–0.0411, then becomes denser at 0.0415–0.0423; farther out, 0.0427–0.0431 is the broader outer sweep zone. • The thin zone near price sits around 0.0379–0.0387, suggesting the current area is relatively empty and price could move fast before reaching the next major liquidity cluster.
🧭 Higher-probability path • As long as price holds the 0.0379–0.0383 area and avoids slipping back into the nearest long-liq cluster, the higher-probability path still favors an upside sweep because short-liq above is more continuous right after the empty zone. • If price holds above 0.0387 and then breaks 0.0391–0.0395, the path can open toward 0.0399–0.0407 → 0.0411–0.0415 → 0.0419–0.0423, with room to extend further into 0.0427–0.0431.
🔁 Alternate path • If price loses the nearby pivot zone and slips below 0.0379, the market may rotate lower first to collect the long-liq below. • In that case, the sweep path could develop through 0.0370–0.0366 → 0.0362–0.0358 → 0.0354–0.0350; if selling pressure continues, 0.0346–0.0342 and 0.0338–0.0330 become the deeper downside pockets.
⚠️ Risk notes • Because liquidity is thin around the current price, $CHZ can move quickly in either direction, so waiting for a break or pullback around the pivot makes more sense than chasing in the empty zone. • If price clears 0.0415, trailing may make more sense since liquidity still exists above, especially with the 0.0419–0.0423 cluster still notable.
SC02 M15 - pending Long order. Entry lies within LVN and is not affected by any weak zone, with the current support zone width of approximately 3.08%. The uptrend has been in progress for 1 day and 10 hours 30 minutes, with the maximum recorded price increase reaching 17.38%.
📉 The crypto market has recently shown a noticeable improvement in sentiment, with the Fear & Greed Index rising to 31, above yesterday’s 28, last week’s 20, and well off last month’s extreme fear reading of 8. Even so, the index is still in the fear zone, suggesting that capital has not fully returned and overall sentiment remains more cautious than optimistic. At this stage, the move still looks more like a recovery from heavy selling than confirmation of a sustainable bullish trend.
US consumer spending is still holding up, but inflation pressure is narrowing the Fed’s room to ease
📌 US consumer spending rose 0.4% in January 2026, slightly above forecasts and showing that household demand has not clearly weakened yet. This remains an important support for the economy, as consumption still accounts for most of overall growth.
💡 The more difficult part lies in core PCE inflation, which rose another 0.4% month over month and reached 3.1% year over year, the highest level since March 2024. That suggests price pressure is still proving sticky, even as headline PCE eased slightly to 2.8%.
⚠️ The broader picture is therefore becoming less comfortable as the growth backdrop has already softened, with Q4 2025 GDP revised down to 0.7%. In other words, the US economy has not cracked on the demand side yet, but the foundation underneath is no longer as solid as before.
🔎 What stands out is that this data mainly reflects the period before the energy shock from the Iran conflict fully fed into the economy. If oil and gasoline prices remain elevated into Q2, the Fed will face an even harder balancing act between inflation and growth.
🔎 Quick read • Long-liq below is concentrated mainly at 0.0733–0.0719 → 0.0712–0.0705, with a heavier pocket around 0.0707–0.0703; deeper liquidity sits at 0.0698–0.0683 and 0.0662. • Short-liq above starts building from 0.0750–0.0767, then extends into 0.0774–0.0797; farther out, 0.0804–0.0833 remains the broader outer sweep zone, with the 0.0811–0.0818 area standing out more. • The thin zone near price sits around 0.0733–0.0750, suggesting the current area is relatively empty and price could move fast before reaching the next major liquidity cluster.
🧭 Higher-probability path • As long as price holds the 0.0733–0.0744 area and avoids slipping back into the nearest long-liq cluster, the higher-probability path still favors an upside sweep because short-liq above is more continuous right after the empty zone. • If price holds above 0.0750 and then breaks 0.0760–0.0767, the path can open toward 0.0774 → 0.0782–0.0797, with room to extend further into 0.0804–0.0818.
🔁 Alternate path • If price loses the nearby pivot zone and slips below 0.0733, the market may rotate lower first to collect the long-liq below. • In that case, the sweep path could develop through 0.0726–0.0719 → 0.0712–0.0705 → 0.0698–0.0691; if selling pressure continues, 0.0683–0.0662 becomes the deeper downside pocket.
⚠️ Risk notes • Because liquidity is thin around the current price, $FF can move quickly in either direction, so waiting for a break or pullback around the pivot makes more sense than chasing in the empty zone. • If price clears 0.0797, trailing may make more sense since liquidity still exists above, especially with the 0.0811–0.0818 cluster still notable.