Miller Magazine Issue: 151 July 2022

100 ARTICLE MILLER / JULY 2022 hinge on delivery costs to the main destinations. Total transportation costs from the major South Ameri- can suppliers, including from farm to port, are estimated to be generally higher compared to some competing or- igins, most notably the US, the fact that has long been viewed as a hindrance to realising the full export poten- tial of the region in the grains and oilseeds markets. Al- though Brazil’s comprehensive strategy of infrastructure improvement has allowed to boost the country’s export capacity, reduce transportation costs and raise competi- tiveness in recent years, some projects have been faced with COVID-19-related challenges, while the country’s shipments of grains and oilseeds remain heavily reliant on truck deliveries to ports. Elsewhere in the continent, low water levels on key inland waterways have been a persistent logistical bottleneck for dispatches out of Ar- gentina and Paraguay. While further investment and initia- tives are required to cope with South America’s expand- ing production and exports, the region’s dependence on imports of some farm inputs, including fertilisers and pes- ticides, stresses the importance of uninterrupted access of local producers to global supply chains. During this workshop, a panel of experts discussed re- cent trends in global maize trade, highlighting the rapid expansion of exports from South America and focusing on associated key challenges for local infrastructure and logistics. Aside from assessing the impact of ongoing and planned projects related to transport and storage infrastructure, the seminar focused on areas for further improvement and steps required to ensure the region’s competitiveness in the global maize market in the years ahead. WHEAT The global wheat market has been roiled by the Black Sea conflict. The resulting disruption to trade flows from the region has fuelled worries about already tight export- er stocks and triggered a spike in global export prices which, coupled with elevated freight costs, contributed to increased food security threats in some regions. While Black Sea exports will ultimately be shaped by the duration of military action, significant downside risks for 2022/23 grain production in Ukraine stress the im- portance of harvests and availabilities in other key ex- porters. Aside from exportable surpluses outside the Black Sea region, the trade matrix for the year ahead will be shaped by logistical capacity at alternative origins, in- cluding in India and Australia. Price considerations will also be key as sustained high import costs could prompt further demand rationing. This workshop discussed global wheat supply and trade prospects in the face of potentially protracted