Late last month, I presented several weekly charts of commodities here and called it Food Inflation. This is just to follow up on those charts:
- corn - still rising and not overbought
- wheat - still rising and not overbought. Has significantly topped last summer's Russia-induced spike up
- livestock - COW ETF broke out from and has now tested a long-term trading range
- rice - has finally joined the others withe a long-term resistance breakout
not in that report were:
- cotton - parabolic rally to multi year highs but no sign of a top just yet
- sugar - scored a 30-year high but then formed a bearish weekly reversal. Short-term trend broken, too.
Getting the drift? Yes, let's keep "volatile" food and energy prices out of the inflation picture and keep printing all the bucks we need.