Miller Magazine Issue: 145 January 2022

69 INTERVIEW MILLER / january 2022 continued to stimulate economies, and this kept fresh money supplies prevalent and allowed the speculator to trade like never before. Fundamentally there remains stories present, with wheat originally was active demand to help build up reserves as lockdowns created the need for additional demand. On the export side, restrictive ac- tions in Russia remained to help tame export flows in order to protect the domestic market. Wheat finished the year +20% on the year, corn also had a good year at +20% YTD as supply constraints were largely fed the Brazil safrinha shortfall. U.S. corn and soy yields were highly debated once again. During the peak summer months, fear was there, but at the end of the day crop genetics still impressed in the U.S. and created near-re- cord yields on far from perfect conditions. Do you think the grain market will continue to be volatile next year? What do you expect from 2022? Yes, I do expect the volatility to continue, not only from a fundamental perspective but also from a monetary and fiscal policy perspective as well. As described above, various FED’s have increased money supply to combat the pandemic, but now as we get into 2022 they have started to communicate reducing their stimulus efforts. This plan in my opinion remains part 2 of 2, thus another chapter the markets must navigate. Fundamentally the largest factor remains South America weather and how the La-Nina plays out yet for the balance of the growing season in S.A. After this, the trade must then consider the seasonal norms per Northern Hemisphere growing season. Spring of 2022 should be interesting to consider to see how the fertilizer markets impact 2022 corn plant- ings, specifically in U.S. and Ukraine, as well as wheat yields and quality amid the lack of proper applications on winter grains this fall. Weather always plays an important role, and it seems more recently over the past few years we are just one weather event away from a catastrophe. IS THE MAX COVID-19 PAIN BEHIND US? Global grain production is poised to hit an all-time high but stocks set to decline. There are some con- cerns that there will be a food crisis in 2022. Do you share these concerns? I largely disagree with this statement, fundamentally we have seen various parts of the world remain in pro- cess to help combat some food inflation issues in 2021, and bearing normal weather global production will help cool these inflationary concerns a bit more. Another factor influencing food crisis/food inflation is global/lo- cal supply chain systems. COVID has drastically altered and slowed many supply chains, and hopes are that the worst of these supply chains stressors are behind us as well as there continue to be new procedures/vaccines/ therapeutics in efforts to allow workers a safe environ-