Miller Magazine Issue: 142 October 2021

97 MARKET ANALYSIS MILLER / OCTOber 2021 The grain market is not so eventful these days, but macroeconomic news continues to influence the behavior of large traders. And small companies do react to the gen- eral trend, having ceased to understand where the grain market is heading. Record gas prices in Europe in the next season will result in an increase in the cost of growing grain because fertilizers have become more expensive. If China is not as active as last year - and while it is inactive - prices for grains and oilseeds could fall, but we continue to increase on the wave of inflation and farmers are not ready to make concessions. While Londoners are look- ing for gasoline, Louisiana residents are repairing elevators in the port area after a hurricane, and citizens in other countries are not bored either. The OPEC Monitoring Committee recommended not to go be- yond the gradual increase in production. Oil prices rise after this recommendation. OPEC+ will stick to its current plan to increase production by 400,000 barrels per day after the advisory group recommended keeping the current plan unchanged, delegates said. The conclusion of the Joint Ministerial Monitoring Commit- tee, which oversees the cartel's production cuts, is made on the basis that OPEC + appears to have significant control over the oil market. Oil is trading at the highest in nearly three years. In Saudi Arabia, production figures are close to pre-pandemic levels, with the highest oil revenues since 2018, and her counter- parts have largely joined together as part of a plan to gradually recover idle production each month. Washington is also pleased Macro Days Elena Faige Neroba Business Development Manager Maxigrain