Miller Magazine Issue: 116 August 2019

93 MARKET ANALYSIS MILLER / AUGUST 2019 Wheat is on the stage Elena Faige Pitek (Neroba) Head of Analytics at Marcopolo Commodities SA “While everyone is waiting for the end of the corn pollination period in the USA, Europe and the Black Sea region, the quality of wheat has be- come the main problem. The wheat market is now unbalanced by lower production forecasts in Russia and a shortage of fodder grain, while buy- ers are not willing to pay a high pre- mium for the protein that Russian producers are waiting for. As we had predicted earlier, the focus on expen- sive corn was temporarily shifted to wheat. So far, because of the pres- sure of the proceeds from the fields, prices have weakened, but a reces- sion is possible due to the risk of re- ducing the harvest and issues with a sufficient supply of feed grains.”