That's one of the tidbits in ZeroHedge's PPI post, "US Producer Prices Soar At Double-Digits For First Time"
Those same RIA's will no doubt be pointing to the $35 decline in WTI futures as counteracting the increase reported by the BLS but they might miss this little statistical oddity:
The April futures began the month of March 2022 at $96.53.
$96.16 last.
Meaning that, for all the thunder and fury in the first half of the month of March the futures are down 37 cents.
Bringing to mind one of my favorite Warren Buffett quotes:
December 31, 1964: DJIA 874.12
December 31, 1981: DJIA 875.00
“Now I’m known as a long-term investor and a patient guy, but that is not my idea of a big move.”
-Warren Buffett
On to what matters: Food. From the BLS, March 15:
Table 2. Producer price index percent changes for selected commodity groupings by Final Demand - Intermediate Demand category, seasonally adjusted
| Unadjusted 12-month percent change(1) | Seasonally adjusted 1-month percent change(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| Group code |
Item code |
Feb. 2021 to Feb. 2022(p) |
Sept. to Oct. |
Oct. to Nov.(p) |
Nov. to Dec.(p) |
Dec. to Jan.(p) |
Jan. to Feb.(p) |
|
Final Demand |
| |||||||
|
| ||||||||
Final demand |
FD |
4 |
10.0 | 0.7 | 0.9 | 0.4 | 1.2 | 0.8 |
Final demand goods |
FD |
41 |
14.4 | 1.3 | 0.9 | -0.1 | 1.5 | 2.4 |
Final demand foods |
FD |
411 |
13.7 | -0.1 | 1.2 | -0.2 | 1.7 | 1.9 |
Fresh fruits and melons(2) |
01 |
11 |
13.3 | 0.1 | 20.1 | -5.5 | 3.9 | 4.5 |
Fresh and dry vegetables(2) |
01 |
13 |
17.5 | 17.7 | 11.5 | -14.9 | -3.5 | -9.4 |
Grains |
01 |
2 |
20.0 | -4.5 | 4.5 | 3.2 | 0.4 | 1.7 |
Eggs for fresh use(2) |
01 |
7107 |
31.2 | -12.1 | -5.5 | 46.9 | -17.6 | 31.3 |
Oilseeds |
01 |
8301 |
10.4 | -5.9 | -1.6 | 0.5 | 8.7 | 9.2 |
Bakery products(2) |
02 |
11 |
9.6 | 0.2 | 1.1 | 0.7 | 2.3 | 2.5 |
Milled rice(2) |
02 |
13 |
12.9 | 0.9 | 0.7 | 0.4 | 0.6 | 4.3 |
Pasta products(2) |
02 |
1402 |
21.4 | 0.5 | 1.9 | 5.3 | 3.0 | 3.3 |
Beef and veal |
02 |
2101 |
22.8 | -10.3 | 1.5 | -4.6 | 6.5 | -3.6 |
Pork |
02 |
2104 |
4.7 | -4.1 | -1.3 | -2.0 | -2.6 | 3.9 |
Processed young chickens |
02 |
2203 |
26.7 | -1.4 | -0.6 | 1.4 | 0.1 | 2.1 |
Processed turkeys |
02 |
2206 |
52.3 | 0.7 | 2.2 | 2.2 | 4.0 | 5.7 |
Finfish and shellfish |
02 |
23 |
14.7 | 6.3 | 1.8 | 1.2 | -13.2 | 2.0 |
Dairy products |
02 |
3 |
16.2 | 1.1 | 0.9 | 2.3 | 5.1 | 2.9 |
Processed fruits and vegetables(2) |
02 |
4 |
5.4 | 0.9 | -0.1 | 0.5 | 1.1 | 0.4 |
Confectionery end products(2) |
02 |
55 |
6.3 | 0.5 | 1.0 | -0.2 | 1.1 | 0.3 |
Soft drinks(2) |
02 |
62 |
9.3 | 1.2 | 0.3 | 0.4 | 3.0 | 0.9 |
Roasted coffee(2) |
02 |
6301 |
14.0 | -0.7 | 1.1 | 1.0 | 0.8 | 9.1 |
Shortening and cooking oils(2) |
02 |
78 |
44.0 | 4.2 | 0.9 | -4.3 | 4.3 | 8.2 |
Frozen specialty food(2) |
02 |
85 |
11.8 | 0.4 | 0.3 | 0.4 | 1.9 | 5.8 |
If hungry reader wishes, you can go to table 2 for the rest of the components of finished goods or you can go to the go to the kitchen to see what's in stock.
Final demand-energy was up a lot year-over-year and month-over-month ended February 28 but again, due to the oddity of the crude going parabolic move starting on March 1 and peaking on March 8 the April report will show the 1-year move from the April 2021 open, $55.94 to whatever we settle at on March 31, 2022.
Right now the market is watching the covid lockdowns in China as a precursor to recession more than it is watching any supply disruption coming out of Russia.
(which is probably freaking the Russians out a bit if the plan was to sell more to China)
