.. on Fertilizer: Russia is the world’s largest exporter of fertilizers. I wonder if folks are too complacent about the inherent risks here? As Adam Samuelson in GIR put it to me, “the spike in fertilizer is a major issue underpinning the bullish view on agricultural commodities and why some of the inflationary pressures in the food system won’t abate anytime soon. These kinds of increases don’t fully start flowing to the grocery store until 2H22 and beyond.