In Real Terms

Bio-Fuels, Bill Lapp, Advanced Economic Solutions

The shift towards de-carbonization will undoubtedly be one of the most disruptive secular changes we have seen in many years, with the after affects felt in a number of disparate industries and sectors. While agricultural solutions to cleaner transportation fuels have been in place for years in the form of ethanol, practical and political considerations have limited the necessary expansion of this bio-fuel blend stock.  A shift towards drop-in bio-fuel alternatives such as renewable diesel and sustainable aviation fuel have the potential to radically alter the landscape of production agriculture, and more specifically the global edible oils markets. Bill Lapp Bill Lapp is founder and president of Advanced Economic Solutions.  Bill graduated from Southern Illinois University in 1979 with a B.A. in Mathematics, and from Purdue University in 1981 with a M.S. in Agricultural Economics. He has over 30 years of experience analyzing and forecasting economic conditions and commodity markets, and has a wealth of experience providing comprehensive economic analysis of the major commodity markets. Bill has been a featured speaker at numerous national forums, including the restaurant industry’s semi-annual Supply Chain Management conference and the USDA Annual Outlook conference.  Prior to forming Advanced Economic Solutions, Bill was Chief Economist for ConAgra Foods. He has served on numerous boards, including the Kansas City Board of Trade, Kansas City Federal Reserve Board’s Center for the Study of Rural America, the Farm Foundation, and the Food and Agriculture Committee of the Omaha Chamber of Commerce. In addition, he is a member of USDA’s National Agricultural Statistics Service Advisory Board, and participates on the Harvard Business Industrial Economists’ Round-Table.

Alternative Proteins: Sharyn Murray, GFI

Projections for global growth in both incomes and population will undoubtedly stress the existing system of food and agriculture in ways that argue for innovative solutions. Technology has been at the forefront of this innovation with new and varied alternative sources of protein. IRT visits with Sharyn Murray of GFI [http://gfi.org/] to discuss the world of alternative proteins. Check out the blog page at Inrealterms.com [http://inrealterms.com/] Follow us on Twitter @in_real_terms [https://twitter.com/in_real_terms] Contact: steve@inrealterms.com [steve@inrealterms.com] Sharyn Murray Sharyn partners with investors and startups to increase investment in the alternative protein industry. Previously, she spent nearly a decade as a researcher and marketing professional at GCM Grosvenor, where she built expertise in the alternative investments industry. Sharyn earned a BA in economics and psychology from Northwestern University and is a CFA charterholder. She feels incredibly privileged to have a chance to devote her career to mitigating the challenges presented by industrial animal agriculture.

Nuclear Energy: Adam Stein, The Breakthrough Institute

While much of the world faces an existential energy crisis partially driven by the growing need to de-carbonize, nuclear energy’s role in this transition has been somewhat marginalized. Security and safety concerns have long hampered the growth of nuclear here in the U.S., but a growing strain on the existing grid argues for a continued, if not increased, reliance on nuclear energy. IRT visits with Adam Stein senior nuclear analyst for The Breakthrough Institute to discuss the state of the nuclear power industry. Adam Stein Adam Stein is a senior nuclear energy analyst at the Breakthrough Institute. His focus is on the technology, policy, risk, and economics of nuclear energy. He also studies complex interdisciplinary systems and decision-making in risk, resilience, and clean energy systems. He has spent sixteen years in the energy sector as a researcher and consultant. His work has been published by the Electric Power Research Institute, presented to the Nuclear Regulatory Commission, and contributed to many high-profile projects, including the first-ever license application for an advanced nuclear reactor in the U.S. Adam earned his Ph.D. and M.S. in Engineering and Public Policy from Carnegie Mellon University where his research focused on changing the paradigm for emergency preparedness and response for nuclear facilities. Prior to studying at Carnegie Mellon, he completed an MBA from IUP, and studied Mechanical Engineering and Nuclear Engineering at the University of Pittsburgh.

Precious Metals: Nicky Shiels, MKS PAMP Group

Historically, high levels of inflation combined with low- to-negative real rates of interest have been catalysts for higher precious metal prices. However, the current level of moribund pricing across the precious metals group has been both frustrating and surprising to many long-time investors in the group.  IRT welcomes MKS PAMP Group analyst Nicky Shiels to discuss the state of the precious metals markets and the competition for investor attention in a world increasingly attracted to cryptocurrencies. Nicky Shiels Nicky Shiels is Head of Metals Strategy at MKS PAMP Group, where her focus is to develop the precious metals marketing & research platform and to enhance sales & trading strategies. Prior to joining MKS, Nicky worked in the financial industry for almost 15 years as a Commodities  Strategist where she’s gained invaluable expertise in precious and base metals markets. During her recent tenure at Scotiabank, Nicky established and grew their metals strategist platform and was a member of their top-ranked Metals & Mining global research team.  Her expertise spans macro and capital markets, fundamental metals research, metals market forecasting and emerging industries such as electric vehicles & the energy transition. She has actively presented at key metals conferences and industry events and is a contributing voice in many media outlets such as the WSJ, FT, Reuters & Bloomberg. Nicky graduated from Yale University with a B.A majoring in Economics.

U.S. Agriculture: Professor Scott Irwin, University of Illinois: College of Agriculture

The post-pandemic state of U.S. agriculture is booming with both Corn and Soybean prices reaching decades year highs. While the term structure of prices reflects continued strong export demand, what has been most interesting is what is happening on the by-products side indicating strong bio-fuel related demand. Much of the recent discussion regarding de-carbonization has focused on EV versus non- EV, however strong battle lines are currently being drawn in the bio-fuels markets, particularly in the renewables and bio-diesel markets. IRT talks with Dr. Scott Irwin of The University of Illinois school of agriculture about the global grain markets and the potential pivot by some U.S. bio -fuel producers towards a variety of alternative fuel slates. We discuss the important implications that this shift will have on U.S. agriculture in the future. Check out the blog page at Inrealterms.com [http://inrealterms.com/] Follow us on Twitter @in_real_terms [https://twitter.com/in_real_terms] Contact: steve@inrealterms.com [steve@inrealterms.com] Dr. Scott H. Irwin Dr. Scott H. Irwin is a national and international leader in the field of agricultural economics. His research on agricultural markets is widely-cited by other academic researchers and is in high demand among market participants, policymakers, and the media. He is best known for his work on the impact of speculation in commodity markets. Irwin has published numerous academic articles on the subject and has been called upon to provide testimony before the U.S. Congress, the OECD, and the CFTC, as well as publishing op-ed articles in the New York Times and Washington Times. He is also a well-known innovator in the development of agricultural extension programs that have helped hundreds of thousands of farmers in Illinois, the U.S., and throughout the world make more informed production, marketing, and financial decisions. His vision and leadership have been the driving force behind the award-winning farmdoc project at the University of Illinois since its inception in 1999. Irwin is a member of the Agricultural and Applied Economics Association (AAEA) and was named a Fellow in 2013, the highest honor bestowed by the Association. He has also received the Distinguished Group Extension Program Award (three times), the Quality of Communication Award, and Quality of Research Discovery Award from the AAEA.