2020s commodities boom

The 2020s commodities boom refers to the rise of many commodity prices in the early 2020s following the COVID-19 pandemic. The COVID-19 recession initially made commodity prices drop, but lockdowns, supply chain bottlenecks, and dovish monetary policy limited supply and created excess demand causing a commodity super cycle rise. The 2022 Russian invasion of Ukraine worsened the bottlenecks, creating the 2022–2023 Russia–European Union gas dispute and the 2021 United Kingdom natural gas supplier crisis, contributing to the 2021–2023 global energy crisis. As Russia and Belarus are major fertilizer exporters and natural gas is a primary component in many fertilizers, fertilizer prices rose accordingly, starting the 2022–2023 food crises. The previous commodity super cycle was the 2000s commodities boom, which was attributed to emerging markets, especially that of China, providing a high demand for raw materials. 2022-2023 food crises 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. Ukraine is known as the breadbasket of Eastern Europe because of its fertile soil and exports of wheat, corn, and sunflower oil. Turkey and the United Nations brokered the Black Sea Grain Initiative between Russia and Ukraine, allowing the controlled export of grain through the Port to the Black Sea, though shipments have yet to reach prewar levels. Natural gas is in most fertilizers, and fertilizer prices rose due to the Russia–European Union gas dispute, contributing to the food crises. Hectares of oats are down in North America along with droughts in the United States is limiting supply. Demand is up around the world for oats and 38.5% in one year for East Asia. Orange juice prices have been close to an all time high in 2022 because of Hurricanes Ian and Nicole. Citrus greening disease has been causing damage to citrus trees in the United States since 1998 when it was discovered, dropping the orange production by half.