More agro

The latest World Agricultural Supply and Demand Estimates (WASDE) report by the US Department of Agriculture (USDA) continues to support our long position in wheat and other grains, which we have held throughout the pandemic. We have also been long cotton as a key agro-commodity in short supply.  We reckon that there is further upside in food prices to come as demand rises, supply chains still falter and global grain stocks fall. More immediately, grains also provide a hedge against a Russian invasion of Ukraine and sanctions taken against Russia as a consequence.

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