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Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

The move in Ag was interesting in the sense that something like Wheat ended up being one of the most consensus BEARISH bets in futures and options terms prior to last week’s +6.3% inflation. Wheat is now up +10.9% in the last month.

We never know precisely “why” inflations and/or deflations are happening, but we have written frequently about Fertilizer Costs ramping to +180% year-over-year (last week) driving part of this Ag Inflation move.

CHART OF THE DAY: Fertilizer Costs Ramping +180% YoY - 11 15 2021 7 56 22 AM