More to Come Russian President Vladimir Putin said he would not invade Ukraine and there was a whole dialogue around the meaning of invasion versus incursion, and the limits of responses to nuanced aggressions. Commodity markets reacted today based on future price impacts, and the rally looks like an expectation that Moscow will not settle for mere control of the Donbas. This was made clear by the speech yesterday by Vladimir Putin, which was filled with grievances that can only be resolved by bringing Ukraine back into the Russian fold. Once he has control of Ukraine’s Black Sea ports, grain can still flow but aggrieved Ukrainians may not feel the same ambition for producing buffer crops. The Biden Administration continues to attack...