Livestock, agriculture and inflation

[myriam2222]

EOC #25 of the alternative investments chapter says that commodity classes such as livestock and agriculture exhibit negative correlation with unexpected inflation.
Why is that?
I guess it’s just basic economy but that’s not my strongest subject….

 

[CFAJOBE]

Commodities tend to be positively associated with inflation if they are storable. In the case of livestock and agriculture these are non storable commodities and as such negatively correlated with inflation.

 

[S2000magician]

Why does nonstorability imply returns that have a negative correlation with inflation?