There is a Chinese curse which says, "May he live in interesting times." Given the current trade dispute between the United States and China, the commodities markets are under a spell because many of the raw materials are in the crosshairs of the wave of protectionism that escalated to a new level over recent days. Tariffs and subsidies distort prices, and 25% tariffs on Chinese goods coming into the US and retaliatory measures on US goods along with currency devaluation of the yuan are doing a number on many commodities markets.
Agricultural commodity prices have