Miller Magazine Issue: 143 November 2021

93 MARKET ANALYSIS MILLER / november 2021 “Wheat futures in the US rose to multi- year highs amid concerns over limited global supplies and strong export de- mand, which are pushing prices higher. Rising wheat prices supported the corn futures quotes. The basis is still holding, but we are again witnessing a struggle. Wet corn, expensive gas, farmers with fertilizers... Everyone is nervous. I just want to remind you that nothing is in- finitely long. Then China will come. And Chinese pigs. And nothing else matters.” Sometimes people and markets react late. The water would have understood everything, everyone seemed to be expecting this, and then someone came and loudly an- nounced it as news. And the market rushes again. Aren't you tired of this? Wheat futures in the US rose to multi-year highs amid concerns over limited global supplies and strong export demand, which are pushing prices higher. Spring wheat hit its highest level since June 2011 amid expectations that importers will soon start looking for high-protein wheat supplies. What's new here? We have already discussed that there is no durum and that this is the “year of wheat”. Doesn't anyone read us? This is their mistake. And nothing else matters… Elena Faige Neroba Business Development Manager Maxigrain