Miller Magazine Issue: 148 April 2022

MARKET ANALYSIS MILLER / APRIL 2022 107 “For the current season according to favorable weather conditions Ukrainian and Russian share in global wheat and corn exports could be even higher but for today ex- ports almost stopped. This means both Ukrainian and Rus- sian exports will not reach target volumes in the 21/22 sea- son. Thus, we switched from the question of “how much we did not buy this season” to the problem of how much new grain should be subtracted from our assumptions, how to live with it and where to get the money for this.” Market volatility is growing after a series of USDA reports, awaiting for May WASDE and another round of negotiations be- tween Ukraine and Russia. With the weakening of the Russian army and defeats in the conquest of Ukraine, the rhetoric of the representatives of the Russian Federation at the negotiations from far-fetched propaganda demands for "denazification" and others was replaced by a demand for recognition by Ukraine of the occupied inland corridor to the occupied Crimea. Drought has already begun to develop in the US South, North Africa and the Middle East while weather conditions in Latin America are not yet a cause for concern. Clearly, farm- ers whole over the globe may prefer cheaper-to-produce soy- beans over fertilizer-requiring corn. Wheat partly planted and we should be all-eyes on weather and chemicals. Attack on food security Elena Faige Neroba Business Development Manager Maxigrain