Miller Magazine Issue: 128 August 2020

85 MARKET ANALYSIS MILLER / August 2020 Bears on the track Bearish trend: Supply higher than demand. Black Sea cash market still rise but slower than in past weeks. The wheat market is sensitive to crop condition adjustments and production forecasts. Prices are slowing growth, seasonal decline is expected. Stock quotes dropped to the lowest levels in recent weeks. Elena Faige Neroba Business Development Manager Maxigrain CORN Crops in the Northern Hemisphere are in excellent condition, and demand from the ethanol complex is not growing. China continues to buy from the US for a new crop, but there is no other demand. According to ANEC data, shipments of corn from Brazil do not exceed last year's rates (July - expectations, the last line - the result of the year). Despite the upward trend, corn exports are proceeding at a slow pace due to weak demand. Ukrainian exports in July also lag significantly behind last year. The state of crops in the United Sta- tes exceeds the estimate of previous years, and the types of yield are growing. Production may adjust upward again despite the downward revaluation of space in the previous quarterly report. The price of sorghum in the US is highly dependent on exports compared to other grains, and China has been the most important buyer in recent years. The standard dependence of the price on corn remained. With the return of China to the market, sorghum prices rose to $ 229. US ethanol margin surged on lower corn quotes.