Miller Magazine Issue: 155 November 2022

MARKET ANALYSIS MILLER / NOVEMBER 2022 101 The consistently high value of the U.S. dollar, per- sistent dry weather in US wheat growing areas, and uncertainty over the Black Sea grain deal are all combining to keep grain prices high… High vol- atility on geopolitics and planting campaign still run the wheat market. Russia continues to complain that the deal is dependent on the West and blamed sanctions on logistics, bank payments, and shipping insurance that have slowed shipments of Russian fertilizer. Meantime, the Russian agriculture ministry revised the export tax for wheat increasing it by another 3.2%. Particular- ly, as of October 26, the export duty on wheat will increase to 3,028.0 from 2,934.3 rubles per ton a week earlier. While Russia deliberately delaying the passage of 165 ves- sels carrying grain exports under the U.N. grain deal, Ukrainian Nibulon completed the first phase of its new grain export ter- minal at the Danube port of Izmail. Three Ukrainian ports ship grain down the Danube. Also, past week Europe’s largest land- based container terminal began operation near the Hungari- an border with Ukraine. The terminal allows containers to be transferred between wide and standard gauge rail tracks and between trains and trucks. The terminal will increase Ukrainian grain shipments from the Adriatic Sea. Secondary US rail rates rose 6% compared to the prior week and an astonishing 1500% compared to the same week last Four keys to the market’s secret Elena Faige Neroba Business Development Manager Maxigrain