2020s commodities boom

Global food shortages already existed due to the COVID-19 pandemic when, during the 2022 Russian invasion of Ukraine, Russia blockaded the Port of Odesa, preventing grain exports.

[3] Ukraine is known as the breadbasket of Eastern Europe because of its fertile soil and exports of wheat, corn, and sunflower oil.

[6] Hectares of oats are down in North America[clarification needed] along with droughts in the United States is limiting supply.

[13] West Africa, a top producing region of cocoa was hit by strong Harmattan winds that lead to drier climates.

[17] Mortgage interest rates rising with inflation is another reason for cooling housing demand and consequently lumber as well.

Russia has economically weaponized natural gas and reduced flows on pipelines like the Nord Stream 1.

Previously, natural gas was more difficult to ship, and required pipeline infrastructure, which generally can only be emplaced on land, or for relatively short distances undersea.

With the increased use of LNG, gas can be shipped by sea, albeit with the requirement of specialized port facilities.

[22] Crude oil prices dropped dramatically during the first months of the COVID Pandemic (WTI went negative for a day) and production was cut in anticipation of a prolonged slowdown.

Demand soon exceeded supply because of loose monetary policy causing a global energy crisis and prices to rise.

[23] Russia's invasion of Ukraine also resulted in price increases due to sanctions and trade restrictions.

[33] The pandemic significantly increased the long-term equilibrium volatility of returns in the copper futures market, nearly doubling it.

Many countries have agreed to the Paris climate accord to cut car emissions and have higher standards for exhaust.

Australia, Brazil, and China are the top three producers of iron ore.[43] In the Western United States there have been persistent droughts in the 2020s hurting cotton yields among other agricultural products.