Daily Close | Forex, Metals, Oil, Agriculture August 04, 2022

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Agriculture

Justin Fox Navigating a Minefield At least one key global shortage could soon be addressed, if Ukraine can finally get its huge stockpile of wheat to market. These measures come as the EU is experiencing weeks of hot, dry weather and low water levels in its rivers, further compounding the region s energy woes. Ukrainian wheat must navigate a minefield.

Oil

Even Russia s post-sanctions surge in oil exports is fading: Russia will also soon be exporting less (meaning possibly zero ) natural gas to Europe. OPEC s output hike is insulting.

United States

Jared Dillian suggests the odds are rising that the Fed has managed the seemingly impossible feat of fighting inflation while only gently damaging the economy. The likeliest prediction for the future of the US and global economy is, in the words of Clubber Lang, Pain. There s war in Europe and shortages in everything, the Fed is jacking up interest rates, and Batgirl has been eighty-sixed. Further Reading The US should ramp up diplomacy with China while also ramping up Taiwan s defenses.
The US should pay heed.

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