
OBSERVATION

COMMENTARY
Narrative:
- Supply is telegraphed as tight across all major origins – EU, NZ, and the US,
- Eye wateringly strong US Dollar; EUR at 1.02 (1.008 on Friday) and JPY 136 = Impairs long dated decision making. (Long Dated = 1H 2023)
- Recession fears in contrast with brisk northern hemisphere summer activities and demand. Long wait times at airports, hotels full and expensive flights
- Price is telegraphed as unaffordable and consumption is looking for alternatives. Corn, Soybean, Edible Oils have roundtripped Feb-Jul
- Commodities forward prices on the rollercoaster as a result of great uncertainty among operators. What will be next?

