EDITORS NOTE


We also look at the lessons from previous commodity super- cycles, and what can be learnt. For many the assumption is that central banks tapering QE programmes will likely have a major impact on risk assets, and rate hikes even more, but perspective is needed.


Recovery, Pandemic, Supply Chains, Weather, Sugar, Grains, Super-cycles, ESG, Bitcoin, Football.


Welcome to the June 2021 edition of the Ghost In The Machine, as ever encompassing a broad spectrum of issues from supply chain disruptions, ESG, central bank liquidity to commodity supply and demand outlooks, and the fluid and uneven economic impact of the pandemic.


While China is at the vanguard of regulatory interventions to rein in Bitcoin and crypto trading, ESG considerations are also getting much airtime, though as our article highlights the Social and Governance issues are as significant as often misleading discussions about the Environmental impact. China’s voracious appetite for commodities, above all in the past year, is always a key element in terms of S&D prospects, but as Sugar, Grains and oilseeds markets have shown, weather effects remain key and all too often not quite in the way that is assumed, we take a deep dive into current outlooks.


Supply chain disruptions and bottlenecks were always a likely phenomenon as the global economy gets on an uneven road to recovery. However there is little discussion about their pre-pandemic antecedents, what role these will have in determining how long it will take to resolve them, and little consideration about the longer-term fall-out in terms of changing demand, productive capacity or the impact of climate change initiatives.


The attempt to form a break away European football Super League (ESL) crashed on the rocks of public outrage, but the legal ramifications are a good deal more profound, and will likely rear their head again in the not too distant future, as we discuss.


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 Alan Bush


Eddie Tofpik


Howard Jenkins Marc Ostwald Rohan Ziegelaar


EXTERNAL CONTRIBUTORS Alberto Peixoto


© 2021 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.


2 | ADMISI - The Ghost In The Machine | Q2 Edition 2021


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