Miller Magazine Issue: 123 March 2020

89 MARKET ANALYSIS MILLER / MARCH 2020 Does 'spring' means 'green'? “The commodity market has already "digested" the epidemic as a threat and is starting to react less and less sharply. Oil is getting cheaper, demand for ethanol is declining, and as a result, demand for raw materials is also falling. As global trade recovers, the market is waiting for a reversal…The Brazilian currency is one of the most undervalued currencies in emerging markets, making its products the most attractive in foreign markets. A weak euro also supports European grain. So spring is coming – will it be 'green' on screen? Will bears wake up or bulls fed?” Elena Faige Neroba Business Development Manager