The narrative in the marketplace has shifted, from one of rising and problematic inflation, to slowing major economies that could slip into recession. This week’s big declines in raw commodity futures prices, including and led by crude oil, are one clue that inflationary pressures may have peaked. The increasing likelihood of recessions in major global economies has prompted commodity traders to reckon demand for commodities will weaken in the coming months. Grain futures markets were pounded this week. The grain market bulls now need a serious weather market scare in the Corn Belt in the coming few weeks, to revive them. Stay tuned! —Jim Wyckoff