The BCOM gave up nearly a half of 2016 gains in July led by continuing supply issues in energy and grains. The 10.7% July decline in the Bloomberg Energy Index was the biggest sector drag on BCOM total returns as crude oil futures essentially dropped a handle – from near $50/bbl to near $40/bbl. Despite a stronger US dollar for most of the month and risk-on in most capital markets, precious metals continued to be the best performing sector.