In 2020 we learnt that oil can have a negative value, but also that social media is now such a force that the ‘the people’ demand information, be it politically, socially or health-related. 

Social media conspirators have come together in such unity that democracy itself is being threatened. Today, information can be obtained at the click of a button, and be weary of those who are unwilling to share it, especially if it is sensitive. 

The Reddit/Gamestop affair has firmly put the boot on the other foot: The funds were convinced of the imminent bankruptcy of Gamestop and therefore decided to go short the stock. At the same time small investors coordinated in massive numbers to buy the same shares. The result being a monumental rise in the stock price of Gamestop whilst bringing two of Wall Street's largest funds to their knees. 

As anecdotal as it may be at this stage, the story raises questions about the future of market mechanisms but also about the future of pension funds, especially if bankruptcies were to multiply due to the actions of these small investors. 

Without drawing a parallel to commodity markets, are agricultural commodities safe from such events when investment funds are buyers and producers, users and traders are sellers. 

However, for now commodities markets continue unabated, and it appears that the sky is the limit as long as investment funds are involved. 

Although prices have come off over the week, the bullish sentiment still prevails. The almost 5% drop in world cotton prices last week was perhaps due to the beginning of the March 21 liquidation, as well as some month-end profit-taking by the funds. 

Weekly sales of US cotton continue at a rapid rate, though given how little US cotton remains to be sold for this season we might assume that this pace will not continue. Yet, how can we explain the current structure of "carry" in the market when stocks are running dry. It is made even more surprising when the rise in grain prices should point to a lower planted area for cotton next season. 

India has just announced an import tax of 10% on all cotton. This is an attempt to encourage spinners to buy locally available cotton even though the MSP is above the international market rate. At the same time, local authorities are still trying to calm the farmer protests which continue to worsen despite the government withdrawing the farm bill which had created such uproar. 

The dollar remains in a downward trend and should continue to stimulate trade. 

The new administration in the US seems keen to continue with the hard line approach on China undertaken by the previous government. So, should we be surprised at China's massive purchases of raw materials, especially agricultural commodities? The Trump administration has clearly set out a framework in which China is forced to import very large quantities of agricultural raw materials in exchange for lower duty on Chinese manufactured goods going into America. 

In such a context one should not be surprised by the uninterrupted rise in prices, but up until when?