Q3


EDITORS’ NOTE Q3 EDITION


In this edition, there is a particular focus on Sugar, ahead of London Sugar Week in early October.


2024


Sugar, Grains, Drought, Climate, Brazil, Shipping, Freight, Logistics, Energy Transition, Political Risk, Electrification, Sustainability, Indigenous Land, Derivatives, Infrastructure.


Welcome to the Q3 edition of the Ghost In The Machine.


As we approach the end of yet another roller coaster quarter, in which politics continued to cast a long shadow, with risk assets recoiling from a ‘surprise’ Bank of Japan rate hike, only to recover sharply as the US Federal Reserve finally initiate a rate cut cycle.


There is an in-depth look at Brazil Centre-south Sugar production and the implications for the new season, the impact of the severe drought and how these fit into the global picture for Sugar Supply and demand. Brazil’s agricultural exports are booming, but the competition for logistics between grains and sugar has highlighted increasing capacity constraints, above all at ports, and the need for further investment in the so-called ‘Northern Arc’ to facilitate the increased volumes.


Talking of investment, infrastructure spending is the lifeblood of most economies, and whether in DM or EM economies the deficiencies of the past three decades was brutally by the pandemic, the energy transition brings a vast array of additional spending challenges, which will require a far more systemic and lateral thinking approach, but also a great deal of agility and adaptability, given that related technologies are in many cases in their infancy.


Climate change is a stark reality to which Wall Street has woken up in recent years, but what are the realities and the likely impact of ‘Natural Asset Companies’, will they deliver the ‘nature positive’ impact that they claim to?


Last but not least the recent FIA / Acuiti Investment Management survey on the state of European derivatives markets offers some insights into current and future trends, we take a critical look at the results and the implications for the future.


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2 | ADMISI - The Ghost In The Machine | Q3 Edition 2024 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 ADMISI Softs & Ags team Eddie Tofpik Marc Ostwald


EXTERNAL CONTRIBUTORS Alberto Peixoto


Luiz Carlos dos Santos Jr Peta Milan


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