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Highlights, Depression, Markets & Rain Days Update 7/7/22

Highlights


The word of the day for every day this week was not “recession”. It was “depression”. It appears the way the world’s government leaders will control inflation is scaring investors and consumers alike that the Great Depression of the 1930’s is about to repeat. The problem is such predictions can lead to a self-fulling prophecy. Commodity prices of all types around the world have taken a severe beating the past week. We estimate half of the corn and soybean losses this month have been due to talk of recession and depression as the dollar index made a 22 year high yesterday. The chart below is the percent price change just for July 5th:

The Dow Jones Index settled higher yesterday and the S&P 500 index has been higher every day this week.

Last week, JP Morgan Chase analysts were predicting we could see crude oil to $285 a barrel this year. This week, Citi Group predicted $65 a barrel oil this year. Is there any chance they are “talking their positions” in the oil market?

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