Commodity markets across the board are seeing a selloff. Zaner Ag Hedge Chief Market Strategist Ted Seifried says recession concerns are a driver. “On one hand, if crude oil is down $5, maybe there’s discretionary spending. We may see more of a pickup in demand. At the same time, if you look at the stock market, you’ll see that down and that doesn’t help boost confidence in consumer spending either.” This is driven by macroeconomics. “Crude oil is the canary in the coal mine. It’s on the verge of a downside breakdown. If crude oil rolls over, you could say inflationary trade is done.”
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