Commodities Aren’t Dead. They’re Coiling.

Everyone’s looking at bonds. We’re looking at the move in oil—and now wheat.

Everyone thinks energy, agriculture, and soft commodities are dead. They’re not.

At the same time, everyone’s calling for a bond rally. Maybe it happens. But probably not—not with oil breaking out and inflation still sticky.

The last inflation print gave the crowd a reason to celebrate. Headline inflation moved lower. But food inflation? Still rising.

That…