Miller Magazine Issue: 136 April 2021

103 MILLER / aprıl 2021 MARKET ANALYSIS wheat - $ 200), 70% of this value will be the duty. The index itself is calculated on the basis of deals made for certain ports (for wheat - deep-water ports of the Black Sea), which were accomplished not earlier than 60 and no later than 4 days before the date of the index calcula- tion, and the shipment will be carried out within the next 60 days. Thus, in a falling market, the duty will be higher than the estimated value at the current moment, and in a growing market, it will be lower. The inability to include the size of the duty in the value of the transaction in ad- vance pushes the majority of exporters not to conclude contacts for the future, but to trade mainly on the spot. As the shipment rates are low, SovEcon has lowered its forecast for Russian wheat exports in the current season to 38.9MM. The Prime Minister of Pakistan noted that this sea- son the country produced 25.2MMT of wheat, another 3.56MMT was imported. In the next season, wheat pro- duction will amount to 26.2 MMT, but in order to form the necessary reserves, this value should be raised up to 28 MMT, according to the Business Recorder. This season Ukraine and Russia satisfied demand, and probably next season will do it again. China sold 1,588MMT of wheat, or 39.48% of total supply, at a government reserve auction last week, the National Grain Trade Center said in a statement. Wheat is sold as fod- der due to still high domestic corn prices. The Chinese gov- ernment has once again announced that it has a sufficient amount of grain in the state reserve. But nobody trusts this FOR MORE INFORMATION PLEASE CONTACT US ON grke@mxmexhibitions.com or +971 50 887 4723 BOOK YOUR SPACE! KENYA - THE LION OF AFRICA INTERNATIONAL GRAINS & TECHNOLOGY TRADE EXHIBITION GRAINS AFRICA 2021 09 10 APRIL 2021 Sarit Expo Center - Nairobi - Kenya 11 FOR MORE INFORMATION PLEASE CONT CT US ON grke@mxmexhibitions.com or +971 50 88 4723 FOR MORE INFORMATION PLEASE CONTACT US ON grke@mxmexhibitions.com or +971 50 887 4723 INTERNATIONAL GRAINS & TECHNOLOGY TRADE EXHIBITION GRAINS AFRICA 2021 09 10 APRIL 2021 Sarit Expo Center - Nairobi - Kenya 11