It May Take an Unusual Mix to Sustain 2026 Commodity Gains Crude oil is lifting commodities and inflation in 1H, raising questions of sustainability and implications for all markets. A top force that could add to 2026's 24% gain in the Bloomberg Commodity Spot Index to May 22 is a Corn Belt drought. Yet managed-money net longs in grain futures are the highest in about three years, which may augur reversion risks. A prolonged closing of the Strait of Hormuz and a US drought could be an extreme scenario that sustains commodity inflation, lifts bond yields and pressures consumers and equities. Some Iran-crisis detente, a normal growing season and price elasticity is a commodity-reversion scenario. I lean this way. The graphic highlights spiking crude lifting corn and consumer prices this year. The roughly 180% and 390% surges in corn and crude in 1972-74 may mark a benchmark. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tf86h9kgifti {BI COMD} #crudeoil #corn #commodities #inflation @BBGIntelligence(Mike McGlone)