A SIMPLE THESIS
The outbreak of Covid-19 prompted governments around the world to introduce "lockdowns", in an effort to reduce the spread of the virus. One of the unintended consequences has been unprecedented supply and labour destruction in our globalised food system - that was fragile to begin with. As food is literally being destroyed on farms, it's also not being harvested or planted. This, we argue, has created the perfect storm for food prices to rise - and certain agricultural assets to outperform.