One of my primary areas of concern has been food prices -- more specifically, grains, which form the backbone of our food system. For example, corn is converted into many products which wind their way into prices (corn syrup, etc...) and it's also used as a feed for cattle. Wheat and corn are considered substitutes in the feed area as well. And food prices have been rising and are currently at uncomfortable levels as shown in this chart:
However, it appears that could be changing, thanks to the recent rout in commodities.
The chart for corn is also encouraging. After topping at 5-year highs, prices have now moved through several areas of crucial technical support. There is also plenty of room below prices to continue the downward move. Like soybeans, prices are still at high levels. However, they are now moving lower.
In short, it looks as though the commodity sell-off will help us with one very important area: food prices.