Record harvest and low prices: Who wins and who loses?

The last ten days have shown a trend of development that has ended, clearly indicating that even this season the framework between peaks and declines is very fragile and narrow. Fragile, insofar as factors such as currency quotes and other elements have the ability to influence prices in the short term, and narrow – insofar as the difference in quotes does not imply a significant change in the long-term trend. A few days ago, in an interview, our market analyst expressed the hypothesis that "the world is facing overproduction" and this is the reason for the market situation. I cannot disagree with this statement, but in my opinion, this is only part of the problem. Yes, as I will shortly introduce you to the IGC report, global production is growing (and will continue to grow next year), but along with it, global consumption is also increasing. In my opinion, the more serious part of the equation is the reshaping of trade flows and the lowering of a number of measures that have ...