A commodity snapshot: Corn, Lean Hog and the oil price from September 2022 to March 2023. Prices have not come down and remain bid and appear less volatile. A 2023 rally cannot be ruled out

Above chart is interesting, it shows the price of Corn futures, Lean Hog and the Oil price. Basically a commodity snapshot with oil being a primer on both deflation and inflation.  As you can see, between September 2022 and March 2023, the prices of those three commodities have remained sticky and bid.  Noting the intersecting prices of the 20th September 2022, with the oil price at 80, Lean Hog at 89 and Corn Futures at 67.   Current 2023 prices are as follows: Corn at 67, Lean Hog at 81 and the oil price at 80.

The below pane 1, shows the 10 YR Break Even inflation rate dipping under 2.2% only four times within the ranges of Sept 2022 and March 2023, staying elevated above 2.3%.  Pane 2, shows the S&P 500 which has been supported by Central Bank indecisiveness on rate increases, inflation, elevated prices and bank bailouts.  

As Treasury Secretary Janet Yellen said, ironically in September 2022, "The Fed is going to need great skill and also some good luck to achieve what we sometimes call a soft landing, which is bringing inflation down while maintaining the strength of the labor market,"  and it appears that the luck scenario is running dry.