Miller Magazine Issue: 134 February 2021

75 MARKET ANALYSIS MILLER / february 2021 Chinese bear day After the publication of the WASDE report, the market is bearish. Despite this, growth factors have been remained, which can be won back in the coming months. The weather in the EU and the Black Sea region contributes to the normal development of winter crops and the formation of a sufficient level of soil moisture for a new crop in most regions. Elena Faige Neroba Business Development Manager Maxigrain CORN The key factors of uncertainty in the market have not been changed - these are demand from China and produ- ction in Latin America. Another significant increase in the forecast for Chinese imports to 24MMT was in line with expectations and offset by a decrease in demand from ot- her importers, primarily the EU. The decrease in feed con- sumption in the EU does not correlate with the volume of meat production. Mato Grosso growers, according to IMEA, sold 68% of their 20/21 corn crop, 19% ahead of the average. Forward sales at 21/22 reached 11%, which is 9% above the long- term average. Sowing is going on with a long delay due to the late harvesting of soybeans.