The Global Commodities Applied Research Digest (GCARD) is an electronic digest, which is produced by the J.P. Morgan Center for Commodities (JPMCC), in association with Premia Education, Inc. The JPMCC provides educational and applied research programs at the University of Colorado (CU) Denver Business School. The JPMCC’s leadership team is as follows. Dr. Thomas Brady, Ph.D., is the CoBank Executive Director of the JPMCC. The JPMCC’s Research Director is Dr. Jian Yang, Ph.D., CFA, who is also the J.P. Morgan Endowed Research Chair & Discipline Director and Professor of Finance and Risk Management at CU Denver Business School. The JPMCC's Assistant Director is Erica Hyman. The Chairman of the JPMCC's Advisory Council is Chris Calger, Managing Director, Global Commodities, J.P. Morgan. The GCARD’s Editor is Hilary Till, the JPMCC’s Solich Scholar; and the GCARD’s Associate Editors are Ana-Maria Fuertes, Ph.D., Bayes Business School, City, University of London (U.K.) and Joseph Eagleeye, Premia Research LLC. The GCARD’s Editorial Assistant is Katherine Farren, CAIA, who is also a Research Associate at Premia Education, Inc. (https://www.jpmcc-gcard.com/premia-education-inc/). Robert Greer is the JPMCC's Scholar in Residence; he also serves as an Editorial Advisory Board member of the GCARD. The aim of the GCARD is to serve the JPMCC’s applied research mission by informing commodity industry practitioners on innovative research that will either directly impact their businesses or will impact public policy in the near future. The GCARD is produced twice per year by the JPMCC. The GCARD’s sponsors include CoBank, Integrated Portfolio Intelligence, FourPoint Energy, & the CME Group. Subscriptions to the GCARD are complimentary via http://www.jpmcc-gcard.com/subscribe. #commodities