As wheat and corn futures continue to surge, and fertilizer prices ride the commodity boom, some investors are reaping big gains. Compared with the nearly 6% YTD loss of the S&P 500, shares of the top three U.S.-listed fertilizer producers are having a great year. Mosaic is up a staggering 70%, CF Industries is ahead by 50%, while Nutrien is up 40% - and the first quarter is not even finished yet.  With close to 13% of global calories removed from the food chain beginning next year, expect social unrest in some developing nations.   

Cannabis stocks lit up yesterday on news that the U.S. House of Representatives was preparing to vote on the federal legalization of marijuana next week. A hearing on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act - will be held on Monday, the final step before consideration on the floor. The bill aims to de-schedule cannabis from the list of federally controlled substances.

The US will aim to deliver at least 15bn cubic meters of additional liquefied natural gas to the European market this year as Washington works with the EU to reduce its dependency on Russian energy. The pledge also included a US commitment to export 50bn cubic meters of LNG to the EU in the future and a promise from Germany to end its dependency on Russian oil and gas by mid-2024.