The Last Refuge by sundance
Everything including oil, natural gas, wheat, and fertilizer is skyrocketing in price right now. Ten- and twenty-year records are being eclipsed, as energy prices are soaring on the back of oil flirting with $114 a barrel. Unfortunately, here comes more inflationary pain, and everything is being blamed on the Russia-Ukraine conflict.
Toward the end of last year, we warned that fertilizer costs were going to harvest costs in 2022 (field to fork, go deep), long before Ukraine came into the picture. Unfortunately, future wheat prices reached $10.59 a bushel today, the highest since March 2008. Additionally, corn prices have passed their highest rate since December 2012…
