Miller Magazine Issue: 123 March 2020

91 MARKET ANALYSIS MILLER / MARCH 2020 Due to political sanctions, Iraq cannot enter into new grain contracts. Wheat stocks in the country correspond to a 2-month consumption rate. ABARES predicts an increase in Australia's production for 2020/21 to 21.3 MMT against the 12-year low of the current dry season at 15.17 MMT. Optimism is based on an increase in sown area from 10.1 million hectares in 2019 to 12 million hectares. Let's see how soil moisture develops. BARLEY Tunisia bought 50 kmT for July fromGTCS for $ 200,12+ CnF Akkaba. Previous 75kMT was bought at $ 204.29 + CnF. On 12 of March, Morocco will hold a tender as well, so barley-hunting is started. Ukraine is already planting first spring barley. VEGOILS MARKET Malaysian palm oil futures were up 2.4%due to an expected increase in demand from India (Malaysia's new prime minister promises to change its key buyer policy) and China. The oil and fat complex is also supported by the next possible decision to reduce OPEC+ oil production. They want to reduce production on 1.5bbpd, but Russia could restrict just for 1bbpd. Anyway, higher oil prices will support grains and vegoils market. 700+ Delegates 500+ Companies 50+ Countries X V I I I N T E R N A T I O N A L C O N F E R E N C E PREMIERE EVENT FOR THE GLOBAL LEADERS OF GRAIN AND OILSEED INDUSTRY NEW GLOBAL RULES OF 20’s April 22-23, 2020 INTERCONTINENTAL, KYIV, UKRAINE REGISTRATION www.ukragroconsult.com CONTACTS conference@ukragroconsult.org Tel/Fax +38 (044) 364 5585 GENERAL SPONSOR ORGANIZER SUPPORTED BY