vw EDITORS NOTE


THE GHOST IN THE MACHINE


EDITORS IN CHIEF Andy Ash


E: andy.ash@admisi.com Eddie Tofpik


E: eddie.tofpik@admisi.com Marc Ostwald


E: marc.ostwald@admisi.com Feast and Famine


Welcome to the June 2018 edition of the Ghost In The Machine, which has a distinctly agricultural theme, in order to tie in with the ADM ‘Feeding Your Food Business’ event this month, but it also looks at other ‘hot topics’ such as Iran, the resilience of stock markets in the face of political risk, market liquidity, and the dash for electric car related commodities.


The demonization of Sugar as a health hazard has gained a lot of traction, but is it justified? The Sugar market has been under a cloud since the start of 2017, regardless of the political health related narrative, the question is whether prospects might improve any time soon. What are the prospects for the UK and world wheat markets, and is the forward curve on corn correctly priced? Cobalt and Lithium prices have risen sharply thanks to prospective demand from electric vehicle makers, but does the once upon a time ‘hot’ Palladium market offer some lessons?


Stock markets have proved resilient in the face of a constant stream of political risks, and despite numerous often sensationalist warnings; is this a case of ‘outrage fatigue’? What lessons about market liquidity following the January / February 2018 meltdown can be drawn from the crash of 1907?


Iran has a long and very rich history, but it is the past 150 years which may well explain why it finds itself where it is now, and what may eventually drive regime change. The importance of agriculture to the Channel Islands was not a topic in its recent election, but should have been. Does Brexit offer an opportunity in agricultural land to international investors? Last but not least, should US farmers be concerned about the latest bout of emerging market currency volatility.


PRODUCTION & CIRCULATION


Simrat Kaur Sounthe


CREATIVE DESIGN Simrat Kaur Sounthe


CONTRIBUTORS Alan Bush Andy Ash


Darrell Yarwood Eddie Tofpik George Eddell Howard Jenkins Marc Ostwald


Rohan Ziegelaar Tim Levicki


EXTERNAL CONTRIBUTORS Erik Norland


Mark Bowman


Peter Le Maistre Stephen Hall


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2 | ADMISI - The Ghost In The Machine | May/June 2018


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