Miller Magazine Issue: 124 April 2020

93 MARKET ANALYSIS MILLER / APRIL 2020 Play ahead “The more the press discusses the message that there is a threat of a global food shortage in the coming weeks, the more pressure people put on their governments and the situation can turn into a snowball. Yes, stockpiling will temporarily affect exports and consumption by processors. But we are not talking about any “fragile situation that could soon call into question the existing consumption model”. Stocks will not be stored forever, which means that soon we will face a sharp collapse in exports and "eating up" of these stocks. Even if in some regions the new crop will be lower than last year, in the whole world it is sufficient and trade flows will be slightly redistributed.” Elena Faige Neroba Business Development Manager