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Bulgarian corn: So far prices are kept on the high end

March 30, 2017 at 7:26 AM , Starry Night Ltd.
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Developments in the Black sea region matter: Recently, Turkey levied duties on several imported Russian agricultural products. Such decisions could influence local prices, as well as, exports.

Corn: Exports seem to have lacked momentum so far

SOFIA. Today, corn is traded for 0,159 EUR/kg CPT domestic port. According to the Bulgarian Ministry of Agriculture, by the 24.03.2017, reserves stood at 1,240,420mt.

The table below shows domestic output for year 2016 and up to date domestic and foreign trade developments.

Harvest 2016-17

(beginning of harvest till 24.03.2017)

Carry over

400,000mt

Domestic output

2,224,716mt

Domestic consumption

609,000mt

Exports to the world

808,078mt

Yield (kg/ha), an estimate

5,400kg

Source: Bulgarian Ministry of Agriculture

Going into April, exports have been slow. Since the beginning of harvest 2016-17 till 26.03.2017, only via Varna seaport have been exported 191,336mt of corn, which is 52,7% less than exports from harvest 2015-16 via the same trade route. The majority of exports have gone to countries from the European Union (633,703mt) while to the rest of the world (174,375mt) are exported smaller quantities.

Recent developments on the Turkish grains market could influence local prices

Ankara has decided to levy duties on several imported products from Russia, regardless of the fact whether they are used for processing and/or export to third countries or directly for domestic consumption. Starting from the middle of the month, Russian corn and wheat would be levied by 130% duty. Such an increase will definitely influence prices in the Black sea region, even more so since Russian farmers will try to lower their prices to find new markets. Currently, corn from Ukraine is sold for 169USD/mt FOB.

Corn, Bulgaria

Crop

EUR/kg

corn

0,159

CPT domestic port

 

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