EDITORS NOTE
It has also highlighted potential policy focal points as the world tries to engineer a recovery, even if international co-operation in the fight against the pandemic has been palpable.
Central banks, Sugar, Gold, Commodity Hedging, Airlines, Gann, Pandemic.
Welcome to a bumper June 2020 edition of the Ghost In The Machine, which unsurprisingly is dominated by perspectives on the global Covid19 pandemic shock.
For the UK agri-food and related shipping sectors, the Covid19 challenge has come on top of all the Brexit related uncertainty and the devastating floods at the start of 2020, but as elsewhere also highlighted the critical importance of food security, which the sector has steadfastly risen to meet.
We take a look at the UK and global outlook for feed and food, and there is an in-depth report on the UK flour milling sector. The pandemic has forced politicians and policymakers to take precipitous decisions to contain the spread of the virus, above all ‘locking down’ most economies, with unprecedented and severe consequences for economic activity.
We ask what lessons could be drawn from the post WWI ‘Spanish Flu’ pandemic, and look at how lockdowns have highlighted that the ‘technological revolution’ of recent decades has been more of a flirtation, from which many are excluded.
April’s oil futures price collapse into negative territory was a point lesson in how nothing is impossible, we examine the market structures that facilitated the move, the fact that it was not unprecedented in the commodity space, and the regulatory implications. Wherever oil prices go inevitably has implications for ethanol prices, and associated commodity markets, with an already heavily challenged sugar market seeing sharp swings in price, production and demand outlook terms, further complicated by a volatile Brazilian Real.
Lockdown has also prompted sharp shifts in household and business energy demand, with differing consequences for coal, gas and renewable sectors. Gold has naturally seen flight to quality demand, but a low inflation and near zero interest rate environment should continue to provide support.
Last but not least, our colleagues from Protexin look at the evolution of research into the human microbiome into a billion dollar industry, and its applications in clinical terms, as well as the ethical and regulatory considerations.
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 Megan Hodgson
ADM CONTRIBUTORS Howard Jenkins Alan Bush
Eddie Tofpik
Fabian Somerville-Cotton Marc Ostwald
Mickael Soussant Nick Halle Richard Day
Rohan Ziegelaar
EXTERNAL CONTRIBUTORS Scott Welcome Alberto Peixoto Graham Pattle
© 2020 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: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. 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. © 2020 ADM Investor Services International Limited.
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