14th May
Jeff Currie, head of commodities research at Goldman Sachs (NYSE: GS) says livestock is the only other commodity market “looking as precarious as oil.” Speaking to reporters on a video call, Currie was referring to the major market imbalance in the U.S. food industry following the coronavirus pandemic. “We had a problem with livestock going into this … We now have a very serious problem,” Currie added. The parallel with oil The crude oil industry has seen unprecedented demand destruction following the virus outbreak resulting in prices falling to historic (even negative) lows. Demand for crude oil was crushed as
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Goldman Sachs commodities research head says oil and livestock share supply chain problems
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While grocery shelves and food banks are starved of meat, farmers are destroying unprocessed animals
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Oil and meats are major inputs into inflation
