Short Russia/Ukraine Update
Russia is well-positioned to weather Western financial sanctions. They learned the lessons of the Asian financial crisis.
As discussed previously, Europe’s natgas storage is running low; key will be to see how supplies build before next winter.
Watch wheat prices. Russia is the world’s largest exporter of wheat, accounting for more than 18 percent of international exports. Together, Russia and Ukraine together exported more than a quarter (25.4 percent) of the world’s wheat.
Prediction markets were either wrong or late
Inflation/Supply Chains
LA port traffic finally beginning to normalize.
However the commodity market indicate substantial raw material tightness