Near the start of February, I discussed the implications of soaring natural gas prices on fertilizer production and food prices. It seems fair to say things have escalated significantly in the subsequent period, with the S&P GSCI Agriculture Spot index having since rapidly moved a further 16% higher to all-time highs. More startlingly, grains prices have moved far more sharply higher with wheat prices (at time of writing) up 38%.
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- Harvester of Sorrow: Ukrainian supply disruptions are only a part of food inflation