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Wheat: Prices remain strong; exports grow

October 19, 2017 at 9:47 AM , Starry Night Ltd.
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SOFIA. Local prices resist a further downfall on the background of an excess regional production and supply. This year’s grains have much higher quality characteristics.

BULGARIA. The recent favorable weather conditions allowed farmers to continue sowing the fields. By the 12th of October 2017, according to the Ministry of Agriculture, sowed acreages of wheat reached 399,317 ha, which on a year-to-year basis lags behind by only 2.4%. Milling and feed wheat are the two varieties of locally grown grains that, in absolute terms, lead among the rest in exported volumes to foreign market, the majority of shipments going to the EU. As a result, expected sowed acreages this year will be close, if not more, than planted areas last year. For this marketing season, the countries realized the highest output – 5,761,626 mt, for a period of at least two decades.

Wheat: Exports continue to grow on a weekly basis

Last week, although shipped volumes abroad lost momentum, when compared to those of the previous few weeks, exports of milling and feed wheat beat exports’ rates from last year. By the end of last week, only via Varna seaport, according to local authorities, were shipped abroad 1,155,392 mt, which on a yearly basis is 41.9% higher than shipped volumes from last year. The trend is expected to continue since local prices are competitive while this year’s characteristics of the grains are much higher when compared to those of season 2016-17.

Harvest 2017-18

(01.07.2017 - 13.10.2017)

Beg.availability, incl. carry over & imports

6,109,363  mt

Domestic consumption

432,800 mt

Exports to the world

2,136,411 mt

   to EU markets

1,885,212 mt

   to rest of the world

251,199 mt

Source: Bulgarian Ministry of Agriculture

In the realm of prices

Bulgarian milling and feed wheat have been usually traded lower than their counterparts with Ukrainian and Russia origins. The high protein content of this year’s grains serves as a cushion against sharp falls in prices. However, prices are far away from following a steep upward trend in the short-term because of the much higher supply of wheat from the major producers and exporters in the Black sea region.  

Wheat, Bulgaria

Type

EUR/kg

milling wheat

0.140

feed wheat

0.134

EXW Bulgaria

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