December’s devastating employment report, and the threat of a deepening recession, helped send commodities lower. New York Mercantile Exchange crude-oil futures sank to $40 in early December and dragged most other commodities down with it. Crude oil is 72 percent below its high of $1.45, set in early July. In addition, most grain and vegetable oil markets are near two-year lows.
Agricultural commodity prices won’t hit bottom until crude oil stabilizes. When it does, supply and demand