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Wheat: Inexplicable prices give rise to speculation

November 16, 2016 at 10:05 AM , Der AUDITOR
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SOFIA. The current price development in Bulgaria has surprised market participants and given rise to speculations. Are illegal activities taking place?

Prices fail to respond
After the heavy and unexpected rainfalls of last week, reaching as much as 50 L/m² in some regions of the country, local farmers feel confident that the drought in the South is no longer a concern. The sowing season has not yet ended, but the yield is expected to be higher than last year. Prices have, however, failed to drop.

Dramatic price increases
The local prices of milling and feed wheat have considerably increased over the last few days. This unexpected hike is mainly occurred because exports to Western Europe have increased and the prices for milling have in general risen in the Black Sea Region. Milling wheat is currently being traded for 0.148 EUR/kg CPT domestic port and feed wheat for 0.146 EUR/kg CPT domestic port. The local prices for milling wheat have increased by more than 3.00 EUR/mt over the last few days. Feed wheat has even risen by as much as 7.00 EUR/mt.

Rumours are afloat
This has led to a comparatively small price difference between both types of wheat. Feed wheat is surprisingly expensive, which has given rise to speculations with some claiming that both types have been intermixed and sold as milling wheat. Farmers are expecting the price of barley to follow the upbeat price trend of wheat.

 

Wheat, Bulgaria

Type

EUR/kg

milling wheat

0.148

feedstuff wheat

0.146

CPT domestic port

 

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