As of August 23, 2024, the commodities market is experiencing significant shifts, particularly in agriculture, as indicated by recent open interest data. The preliminary open interest for corn decreased by 8,843 contracts to 1,544,118, while soybeans saw an increase of 5,814 contracts, reaching 821,902. Other notable changes included a rise in soymeal open interest by 4,020 contracts to 536,914, and a slight increase in wheat by 296 contracts to 414,647. In contrast, soyoil and live cattle experienced declines in open interest. Keith McCullough highlighted that their core short positions in corn and soybeans have performed well amid slowing demand, while their REIT positions showed resilience, with the $XLRE index up 0.6% recently. Additionally, the Bloomberg Grain Subindex remains near a four-year low, driven by ample supplies of U.S. corn and soybeans, which have contributed to lower futures prices. This trend is reflective of broader market conditions as investors navigate the implications of a potential global industrial recession and shifting macroeconomic factors.