EDITORS NOTE


It has been a rather mixed year for many commodity sectors, with investment participation much reduced, with the notable exception of some softs, above all Cocoa. In Sugar, there has been a very notable shift down in producer selling, thanks in part to India’s export ban, so what are the prospects of supply and demand in 2024?


Shipping, Insurance, Grains, Gold, FX, Oil, Gas, Renewables, Financing, Solar energy, Sheep farming, Sugar, Cocoa, Sustainability, Data Standards


Welcome to the final Q4 edition of the Ghost In The Machine, as another tumultuous year draws to a close, and uncertainty in both geopolitical and economic terms continues to dominate. A semblance of normality has returned, but stability remains very elusive, as the list of disruptive elements has changed, but not really reduced in numerical terms.


In this edition, there is a deep dive looks into one of the significant costs which grain traders now need to manage much more actively, namely the importance of addressing cargo claims’ recoveries appropriately, demystifying the main cargo claim-related myths, with the aim of containing financial exposure from cargo claims and being active in related loss prevention.


Gold has proven to be a much more resilient ‘safe haven’ than many other traditional safe havens, above all in response to the Israel Hamas war, we take a look at some of the drivers of this unusual outperformance. ‘Solar grazing’ is an example of an unusual partnership between shepherding and solar energy production. How has this partnership evolved, and what have been some of the unexpected benefits, and what are the potential implications in risk management terms.


As the autumn round of commodity and energy conference season draws to a close, we look at some of the enduring impressions about the financing challenges for both hydrocarbons and renewables, and in the broader context of sustainability, the complexity of standardizing key data inputs and the risks of regulatory divergence.


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 Alan Bush


Eddie Tofpik Marc Ostwald


EXTERNAL CONTRIBUTORS Alberto Peixoto Lina Jasutiene


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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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