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Wheat: Unquenched markets demand more

October 12, 2017 at 8:28 AM , Starry Night Ltd.
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SOFIA. The higher output this year keeps exports’ rate growing. Local demand does not lack momentum, either.

BULGARIA. According to the Ministry of Agriculture, farmers planted 228,789 ha of wheat, which on a yearly basis represents a 2.2% increase from what they had done during the previous sowing period. The huge foreign demand, growing on a yearly basis, of high quality milling and feed wheat on the background of competitive prices within the Black sea region, plus the auspicious climate conditions in the country for the growth of these grains – mainly in the North regions though – encourage farmers to heavily invest in the cultivation of these crops.

Wheat: No cap on exports in the medium term

The country realized the largest output of wheat this year, as the final estimate figure released by local authorities stands at 5,761,626 mt. In addition, although hailstorms hit some regions of the country during harvest, the majority of farmers within the North regions collected a higher quality wheat than they had harvested during season 2016-17. As a result, local and foreign demand keep a steep climb on a weekly basis, as the trend is expected to continue approximately till the end of February 2018, according to local exporters.

Harvest 2017-18

(01.07.2017 - 06.10.2017)

Carry over

   179,000 mt

Domestic output

5,761,626 mt

Domestic consumption

   406,200 mt

Exports to the world

2,084,407 mt

Source: Bulgarian Ministry of Agriculture

The major export market is the countries of the European Union, as focus remains Spain. As much as there is an inverse relationship between price and quantities sold, so there is a direct relationship between output and exported volumes, ceteris paribus. According to the Ministry of Agriculture, by the end of last week, exports via Varna sea port reached 1,129,973 mt, which on a year-to-year basis is higher by 38.8%.

Wheat, Bulgaria

Type

EUR/kg

milling wheat

0.141

feed wheat

0.135

EXW Bulgaria

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