RUSSIA HALTS WHEAT SHIPMENTS INTO EUROPE — FOOD PANIC HITS WALL STREET

After news that Russia was halting wheat shipments into the EU, we saw an immediate spike in fertilizer stocks like MOS, NTR and LXU. But then it took on a far more ribald nature, as Wall Street always tends to do. Any company in the Ag science business is now popping off to the upside, as if there is famine right around the corner.

Courtesy of Stocklabs, I made a list.

I had traded in and out of several of them and stood handsomely and proudly across from my monitor at session highs of +210bps until I went to walk the fucking dogs. As I write this I am barely up 1.1%. This is standard stuff for those who monitor these things.

There aren’t many safe havens today aside from refiners, ag, and select oils. Rails are strong too, only because they ship grain. The whole market is no obsessed with the food supply.