“You Don’t Sell Blow-offs” | Andrew Perry on Bullish Technicals of U.S. Stock Market, “Dangerous” Period for Global Equities, and Bull Case for Agricultural Commodities

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, host Jack sits down with veteran macro investor Andrew Perry of Macro Pillars. Perry provides a bullish technical outlook for US stocks, offering specific targets for the S&P 500 while warning against shorting the current momentum on a nominal basis. The discussion explores strategic pair trades, specifically being long US equities while shorting energy-dependent nations like Australia and Germany. Perry also explains the macro drivers behind his long positions in agricultural commodities—including corn, wheat, and soybeans—driven by fertilizer stress and geopolitical risks in the Strait of Hormuz. Listeners will gain deep insights into why the MOVE index and US Treasury Quarterly Refunding Announcements (QRA) are more critical indicators of market liquidity than the traditional VIX. Finally, Perry details the specific yield curve shifts, moving from bear to bull steepeners, that will signal the next major recessionary trade. Recorded May 11, 2026. This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. Sources • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA ERS, Fertilizer Use and Price reports. • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary. • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date). Marketing Agent: PINE Distributors LLC. 5324752 Sourcing Index • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA ERS, Fertilizer Use and Price reports. • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary. • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).