Miller Magazine Issue 110 / February 2019

87 MARKET ANALYSIS MILLER / FEBRUARY 2019 “USDA increased world wheat producti- on in February, mainly due to an increase in yield in Russia. World trade increased slightly due to increased imports to Iraq and Turkey. World production of coar- se grains in 2018/19 is projected at 1.5 million tons lower. And world corn pro- duction is declining on US, Mexico, and South Africa somewhat offset the incre- ased yield in Argentina, China and Ukra- ine. The market reaction to the WASDE report practically confirms that the plan- ned reports are less significant. One of the obstacles for the market recently has been the revival of the US dollar. Tra- ders remained cautious amid uncertainty about the US trade agreement with China and the weather in Latin America. Trade negotiations between the US and China continue to worry the market.” Renewed Numbers - Old Story Elena Pitek (Neroba) Head of Analytics at Marcopolo Commodities SA