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It's a similar story with a few other commodities. For instance the Dalian No. 1 soybean contract (largely domestically-grown soybeans) has been rising, while the No. 2 soybean contract (a proxy for imported U.S. soybeans) has been falling. In oil, crude prices on Shanghai’s INE futures exchange have traded close to the largest premium to crude from the Middle East since mid-2019. What does it all suggest? Perhaps there's a kernel of truth to the notion that supply disruptions to global goods might be enough to push up inflation — at least in the short-term.
You can follow Bloomberg’s Tracy Alloway at @tracyalloway.
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