Miller Magazine Issue: 118 October 2019

60 MILLER / OCTOBER 2019 Filippo Bertuzzi Senior Market Analyst Areté srl fbertuzzi@areteonline.net “The global durum supply demand balance outlook is very consistent with recent price behaviors. Global production is forecasted down by -2.5 Mio tons versus MY 18/19 and only partially offset by higher carryover (mainly sitting in USA) for +0.9 Mio tons. This scenario is supportive for bigger trade volumes (+0.4 Mio tons), particularly due to Italy and Turkey import demand, as confirmed by the most updated official export and sales data from USA and Canada and the two purchase tenders issued by TMO during September. Being world durum consumption quite inelastic to prices, ending stocks are forecasted to decrease by 1.7 Mio tons and stock / use ratio to decrease at 22%, down from last MY 27%.” Overview of the gobal durum market With twenty years experience in purchasing for the food industry, Filippo Bertuzzi is now Senior Market Analyst in the Market Intelligence BU at Areté srl. Areté is agro-food ıntelligence company, based in Italy. Independent Research, Analysis and Economic Consultant. Market Intelligence, one of the three Business Units, provides analysis and price forecast for many agro-food commodities, among which: grains, oilseeds, vegetable oils and meals, pulses, sugar, cocoa, dairies, dry fruits, eggs. www.areteonline.net/en/