The war in Ukraine is bringing with it devastation, death and chaos. For the first time, Europe has taken its destiny into its own hands by being in the front line and increasing the number of sanctions against Russia alongside the United States. At this stage, no one knows if the measures taken will be able to stop the downward spiral that has been set in motion. The retaliatory measures are massive but may have different "boomerang" effects for each of the coalition states, particularly in terms of energy. 

The rise in all strategic raw materials is massive. There is talk of oil reaching 200 US dollars a barrel and grain prices are breaking records. Inflation is now expected to be "substantial" in many countries. While the economic upturn has been unquestionable for several weeks, it is likely to come to a brutal halt, while America has returned to full employment and the dollar, against the backdrop of the nuclear confrontation, is becoming firmer every day against the euro. 

In this context, our market is experiencing violent movements while demand remains strong and the fundamentals are increasingly firm. The supply is starting to be less abundant and it is obvious that the mills need cotton for nearby shipments all over Asia. 

US cotton sales figures are still strong even if shipments remain sluggish. 

The new crop should hold surprises, especially in view of fertilizer prices, which continue to rise. Potash prices are particularly noteworthy given that the largest producers are now under sanctions. Urea prices are rising day by day and are driving production costs to new heights. The choice between cotton and cereals, maize or rapeseed will be crucial for prices. 

On the freight front, the situation remains worrying as prices are rising and service is deteriorating. The insecurity of navigation in the Black Sea and the Sea of Azov has forced a number of shipping companies to suspend their activities without new capacity being reallocated to the areas that are cruelly lacking. 

The weather is also beginning to occupy people's minds, with drought in one part of the world and torrential rains in others. 

But one can legitimately wonder about the consumption of textile products when a rain of bombs is falling on people's minds. A number of major retailers are already closing their operations in Russia, such as Zara, which is closing over 400 stores. 

In this context our market should remain well oriented.