EDITORS NOTE
Talking of trading, one of the eternal questions has been ‘what does it take to be a trader?’, which is examined through the lens of interviews with leading agricultural commodity traders.
Inflation, War, Sanctions, Pandemic, Grains, Oilseeds, Coal, Sugar, Fertilizers, Energy, Cloud, Traders, Agriculture, Supply Chains, Safe Assets
Welcome to the March 2022 edition of the Ghost In The Machine, which tragically stands under the long shadow of the devastating war in Ukraine, as the world economy continues to deal with the economic fall-out of the Covid-19 pandemic.
These two themes unsurprisingly are dominant features in many of the articles, though there are also contributions which examine how decarbonization is ushering in the fourth agricultural revolution, and how ‘Cloud’ based computing solutions are starting to transform trading and systems architecture for exchanges and financial market participants.
The energy crisis in Europe and elsewhere, which pre-dated the threat to the supply of oil and gas due to the war in Ukraine, has prompted an unanticipated revival of demand for coal, so what is the outlook now, particularly as the practical realities of energy security impinge more heavily on the ideals of energy transition?
The energy crisis in Europe has also put a lot more focus on how this is a critical element in the production and availability of fertilizers, we take a closer look at the implications, with a spotlight on the impact in the UK.
Skyrocketing oil prices have also changed the dynamics of demand for sugar, grains and oilseeds as ethanol demand for blending purposes unsurprisingly increases, while the war in Ukraine puts an even greater focus on the fact that Russia and Ukraine are critical to the worldwide supply of both grains and oilseeds. Last but not least, the sanctions
on Russia, above all the freezing of Russian central bank assets begs a whole array of questions about what is a ‘safe asset’.
THE GHOST IN THE MACHINE
EDITORS IN CHIEF Eddie Tofpik
E:
eddie.tofpik@
admisi.com Marc Ostwald
E:
marc.ostwald@admisi.com
PRODUCTION & CIRCULATION
CREATIVE DESIGN Simrat Kaur Sounthe
MARKETING Simrat Kaur Sounthe
ADM CONTRIBUTORS Dominic Enston Eddie Tofpik
Howard Jenkins Marc Ostwald
EXTERNAL CONTRIBUTORS Alberto Peixoto Guillaume Perret James Cook
Jonathan Kingsman
© 2022 COPYRIGHT ADM INVESTOR SERVICES INTERNATIONAL LIMITED - ALL RIGHTS RESERVED
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG. A subsidiary of Archer Daniels Midland Company. The information within this publication has been compiled for general purposes only. Although every attempt has been made to ensure the accuracy of the information, ADM Investor Services International Limited (ADMISI) assumes no responsibility for any errors or omissions and will not update it. The views in this publication reflect solely those of the authors and not necessarily those of ADMISI or its affiliated institutions. This publication and information herein should not be considered investment advice nor an offer to sell or an invitation to invest in any products mentioned by ADMISI. © 2021 ADM Investor Services International Limited.
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