Miller Magazine Issue: 115 July 2019

87 MARKET ANALYSIS MILLER / JULY 2019 Happy Grain Year: Time to check presents Elena Faige Pitek (Neroba) Head of Analytics Marcopolo Commodities SA “EU and the Black Sea started ear- ly grain harvesting. Total grains pro- duction in Ukraine soon reached 100 MMT, exports could be compared with Russian. After a record wheat crop 2017/18 TY, Russia decline in wheat exports but remains the lead- ing seller. In 2018/19 TY, wheat ex- ports number expected to be 37 MMT. According to USDA, world wheat stock to use ratio now at ~39%, the highest for the last 30 years. But as corn overpriced, and weather could impact production levels and quality in the next month, wheat could get support. And the red line for the new season will be weather condition for next month and the USA policy.”