January 2

1/2 – 2022 was an ugly year for commodities. The La Niña climate pattern precipitated a 3rd straight year of drought, cutting U.S. crop yields and scorching cattle pasture. Avian Flu decimated egg layers and turkey flocks. The Ukraine war stoked prices for crude and refined oil products. For 2022, cattle prices were up 11.4%, winter wheat +12.1%, corn +13.4%, diesel +27.4%, turkey breast +133.1%, and large shell eggs ended the year 189.1% higher than where they started. Fortunately, crop prices are down from summer highs – and chicken, pork, coffee, butter, crude oil, gasoline, and natural gas have all seen significant price declines in Q4 2022. Look for reduced consumer spending, weak exports, and improved supply chains to take the edge off commodity prices in general for 2023. Wishing everyone a healthy and successful New Year! – John Barone and the Market Vision team.