Miller Magazine Issue 146 February 2022

97 MARKET ANALYSIS MILLER / FEBRUARY 2022 PHARMA & NUTRITIONAL CHEMICALS & HOME CARE BEAUTY & PERSONAL CARE INDUSTRIAL & DURABLE GOODS LIQUID FOOD & BEVERAGE PASTA, BAKERY &MILLING SWEETS, CONFECTIONARY & SNACKS FOOD, FRESH & CONVENIENCE #ipackima ipackima.com 3 - 6 MAY2022 FIERAMILANO RHO - ITALY YOUR BUSINESS COMMUNITIES A JOINT VENTURE BETWEEN: IPACK IMA SRL Tel. + 39 02.3191091 ipackima@ipackima.it A PROJECT BY: ed in the northwest of Argentina. Soybean planting is 94.8% complete, 4.9 percentage points higher than the previous year, but 5.2 percentage points less than the average for the past five years. BAGE rated 38% of space as good or excellent, up 8 percentage points from the week, while normal space estimates remained unchanged at 43%. Areas rated as aver- age or poor decreased by 8 percentage points to 19%, reflecting the region's rainfall. Soybeans in Paraguay ripened under extreme- ly unfavorable conditions. Hot and dry conditions force the soybean growth cycle to end premature- ly, and the soybean yield is approximately 40-50%. Crop losses are expected to be 50% or more across much of southeast Paraguay, according to Soybean & Corn Advisor. Oil World estimates that the cumulative soybean crop for the current 2021/2022 season in Brazil, Argentina, Paraguay and Uruguay will decline to around 186.3 MMT, down 7.4 MMT from last sea- son and a four-year low. USDA estimates them at 196.6MMT. We are too distracted to discuss one huge piece of news. But we must not forget that there are oth- er factors that affect the price. And although prices fundamentally depend on the balance of supply and demand, but given that the world is tired of quar- antine, weather disasters and conflicts, we are in- creasingly reacting to any news, making the market more and more volatile. Sometimes it seems to me that before the advent of the Internet, life was much calmer and easier.