Miller Magazine Issue: 118 October 2019

99 MARKET ANALYSIS MILLER / OCTOBER 2019 Cheap start Elena Faige Neroba Head of Analytics at Marcopolo Commodities SA “The most unpleasant news is the growth of BDI. The cost of freight is forcing to lower the price on the part of the seller, but this process is limited by the profitability of production, so in the near future either the growth of freight will stop, or these costs will be transferred to buyers. In general, the season begins on the buyer’s side. It remains only to assume that the price bottom has already been found and the market is waiting for an adjust- ment, if not a reversal.” In recent days, oil has faded into the background. And Trump’s tweets about the upcoming truce with China are no longer affecting the market so much. The world is dis- cussing an eco-activist who could become the youngest Nobel Prize laureate, and negotiations between the pres- idents of the United States and Ukraine. As the date of the US presidential election approaches, the intensity of passions is growing. Soon, the Northern Hemisphere will start harvesting soybeans, and the United States is trying to sell stocks, which in the last marketing year alone increased almost 2.5 times due to overproduction and reduced demand from the key buyer, China, and begins to trade in new