The Big Test of 2026? Crude and Corn Are Deflationary Leaders When Iraq invaded Kuwait in 1990, crude oil jumped to about $40 a barrel, which has acted as support since 2008. The 1993 low was near $14, and 2020's nadir was roughly minus $40. Unchanged prices in 2026 for crude from about two decades ago -- and for corn relative to five decades ago -- may underscore a primary challenge this year: Can inherently deflationary commodities stay up? I lean toward typical autocorrelation. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/teic2ckgzanp {BI COMD} #crudeoil #corn #commodities @BBGIntelligence(Mike McGlone)