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EDITOR'S NOTE Q3 EDITION


2025


Corn, Sugar, economy, consumers, automation, AI, power grids, DCRM, shipping, maritime, EUDR, regulation, tariffs, USA


Welcome to the Q3 edition of the Ghost In The Machine, as many risk assets continue to thrive, despite the heightened levels of uncertainty, and above all government policy ambiguities, amid continued trade and geopolitical tensions.


In this issue, there are deep dives into how to manage an often-overwhelming deluge of data, looking at unifying systems, leveraging automation, investing in data quality and prioritizing real time processing amongst other factors. Tagging on to this is a further exploration of power grid readiness for AI data centres and deployment of Data Centre Reserve Management (DCRM) frameworks.


This year’s US Corn crop is expected to be one for the record books, but how big is big? While a number of agricultural commodities have come under pressure, Raw Sugar has been trading in a relatively tight range, we take a closer look at what might jolt it out of its reverie. In the maritime sector, Copenhagen is a major shipping hub despite Denmark not being a natural commodity hub; how did this come about, and are there lessons to learn in this era of international trade tensions?


Dry Bulk Shipping earnings have been surprisingly resilient in the face of tensions and disruptions, but investment has lagged and a renewals gap has emerged, with potential implications for costs.


There is a revisit of European Union Deforestation Regulation (EUDR)


implementation, and whether it might be delayed yet again as US tariffs add to regulatory compliance stress.


Critical Minerals supply chain concerns are at the top of many developed economy governments list of priorities, as they seek to decouple and de-risk from China’s dominance, with the GCC region emerging both as an alternative for processing, as well as a major upstream investor.


Finally, there is a close look at potential headwinds for US Personal Consumption.


© 2025 COPYRIGHT ADM INVESTOR SERVICES INTERNATIONAL LIMITED - ALL RIGHTS RESERVED


ADM Investor Services International Limited, registered in England No. 02547805, 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. © 2025 ADM Investor Services International Limited.


Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.


2 | ADMISI - The Ghost In The Machine | Q3 Edition 2025


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 Alfred Michelin


Simrat Kaur Sounthe


MARKETING Alfred Michelin


Simrat Kaur Sounthe


ADM CONTRIBUTORS Aishwarya Mahesh Eddie Tofpik Marc Ostwald Mark Soderberg


EXTERNAL CONTRIBUTORS


Alberto Peixoto Laurence Pisani Lou Brien


Mads Frank Markussen Marc Pauchet


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