Top US Food and Energy Futures are Breaking Down Deflation in key US food and energy commodity futures that roll to front month before the midterm elections points to a growing commodity trend: prices are dumping after pumping. What can stop this 2008-like pattern (led then by crude oil) from spreading in 2H? My graphic shows December corn falling to a new life-of-contract low at the end of June, on the same scale as the declining January US natural gas future. The US has an abundance of both: the world's primary agricultural commodity, also a key fuel via ethanol, and the nation's primary source of heat, electricity and fertilizer. With an election in November and inflation a top issue, incumbent-party incentives may reinforce a normal commodity cycle: prices often fall because they rose too far. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/thhnt8n3n097 {BI COMD} #Bitcoin #gold #stockmarket @Bloomberg(Mike McGlone)