The commodity market has been hit extremely hard by the ongoing market decline. Much of these recent declines can be traced back to the energy market as explained in "Analyzing The Collapse Of OPEC+". Inflation expectations have collapsed and brought down commodity prices with them.
This is seen below through the Treasury inflation-breakeven rate vs. the Invesco Commodity ETF (DBC):
While short-term deflation is likely due to an expected cliff-edge drop in demand (since many are not leaving their houses), the virus may actually usher in the era of inflation that I've been expecting.
The Federal Reserve has already cut rates to zero and has agreed to pursue aggressive quantitative easing. The Federal Government is looking to give out massive amounts of "helicopter money" via paid-sick leave and possibly $1000 checks. There is also already a shortage of healthcare and grocery products which has spurred price increases in many parts of the country.
The U.S is also, by far, the world's largest exporter of food. Because of the Coronavirus, it has largely gone unknown by the public, but there is a massive locust swarm plaguing Africa and the Middle East which will drastically reduce food-supply in those regions. It is believed that this swam is the largest in (at least) over three decades. China is also struggling with a food shortage due to last year's ASF crisis and production impacts relating to the Coronavirus. I believe this will import some serious inflation into the U.S as food exports rise to offset these shortages.
The fact is that there are a ton of deflationary and inflationary forces impacting the markets today. In other words, both demand and supply are falling so the resulting price-action is unclear. That said, the deflationary forces like mass global "burrowing" and oil production overproduction are short-term in
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