While the cost of foodstuffs is greatly outperforming stocks, there is one in particular that stands out: the price of lean hogs. Tyler Durden notes the following reasons,
The same Ukraine story that is helping to keep a lid on equities is fueling a rally in wheat on concerns about Russian crops; the pigs in China are gobbling up U.S. soy, while the hog supply in the U.S. is being hurt by a nasty case of “porcine epidemic diarrhea virus.” The bottom line - Q1 has been the quarter of food inflation and financial asset deflation.
Durden, as usual, provides charts:
