look at the charts on the bloomberg agricultural spot index that are ab -- absolutely soaring.ak out the individuals, they are going next -- nuts. caroline: the place to be is the new speculative trade. joe: mia b -- maybe elon musk has corn and soy and wheat. joining us now, investors scott irwin, chair of agricultural marketing. we talked to you a couple of months ago when the rally was well over -- well under way and you talked about chinese restocking as a major driver. china buying a bunch of agricultural goods, sending up the price. is that still what's going on or is there another dynamic pushing prices higher? prof. irwin: well, that's kind of the overall context, it's what fueled the initial stage of the rally, chinese buying, phenomenal up to the latest data we have had, 900 bushels of corn in a good year, would have been 200 million bushes. what they are buying, it has slowed down quite a bit in the last month. i think it is some other factors really pushing prices higher just in recent weeks. romaine: well, let's talk about some of what those other factors are. peop

joe: for more on lumber, let's bring in the bloomberg news agricultural editor. two days, lumber went down. today it is back up. order has been restored. what is going to bring this into balance? it cannot go on forever, right? >> that is a great question. a lot of analysts point to the end of 2021 into the beginning of 2022 as when we are going to see relief. there is going to be more sawmill capacity. half of u.s. lumber supply comes from the sales. the bottleneck has been on the sawmill side. there is a lot of trade. there is not a lot of paces -- a lot of places to process those traits. as capacity builds up, that is when people are expecting relief. caroline: time frames for relief? is there any new capacity coming online? >> the capacity is expected to start really ramping up the end of this year into next year. the next 18 months is when we can see a lot of supply capacity coming out on the sawmill side could one analyst -- sawmill side appeared one analysts expect we could see a pretty percent drop from where we are right now. romaine: i saw one estimate

bloomberg. guy: let's talk about what is happening with the agricultural sector.m stepping into alex's shoes. i will mention the word transitory. will it be transitory, is it not? at the moment we are seeing a huge spike higher in agricultural. it has been really well behaved. 21, not so much. a huge spike higher in terms of agricultural prices. that will feed through into food prices. the question is is it going to be transitory? actually agricultural prices are easy to create, you just plant more. if you look at the latest report does not look like that will happen. the biggest spike in a long time in terms of ag prices. that will feed through into inflation. maybe less so in the united states. certainly around the world. alix: also in some major transit areas the water is low. hard to transport even if you get above ground. let's talk to someone in the weeds on this. mondelez international. joining us now is dirk van de put, mondelez international chairman and ceo. always good to see you. if i go through your release, when adjusted for growth profit margin was

bloomberg. alix: we like it. jeff: it is a balanced index. give energy, you metals, you have agriculture.nd it to be the best to play the story. guy: it was down last month. how should i think about that? jeff: it was down 2% or 3%. given the fact it was up 25% over the previous three months, the market is consolidating, it is taking a breather. we are confident and convicted in the story as we look into the end of q2 and q3. we view the pullback as a buying opportunity. alix: always fun to catch up your jeff currie, goldman sachs head of commodities research. we will have more later on in commodities edge. that is more about hydrogen landscape, which will be hot in the next 15 years. we will take a look at that coming up at 1:00 today. guy: looking forward to that. let's check where european stocks have finished the day. first day of april. we are pushing ever higher. the ftse 100, the dax, and the cac 40 all higher. energy stops acting as a break. the start of a new quarter. light volume today as we head into that long weekend. this is bloomberg. ♪ ritika: i am ritika gupta live in the

agriculture. alix: really fascinating. it does feel like keeping carbon in the ground is a good solution. we appreciate it. erik fyrwald, syngenta ceo, thank you very much. this is bloombergnot think the trend for consuming content will end in any level in any form and that is what will happen over a long run, five or seven years. from our perspective we are positioned for that and we think we have some of the best assets in that marketplace to take advantage of. alix: that was endeavor ceo ari emmanuelle. you can watch more of that interview. that company started trading, opening 13% above its ipo price in its trading debut. guy: the market is under little bit of pressure. let's talk about what we got going over the next when he four hours. the last 24 hour has been crazy. we get twitter, we have amazon. in europe, barclays and astrazeneca. looking forward to what they have to say for themselves. alix: tomorrow is my super bowl day. you get exxon and chevron coming out before the bow. -- before the bell. guy and i will be talking to the ceo chevron. also eurozone gdp. coming up, steve rattner will be joining david westin on balance of power. if you are in london, check u