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Bulgarian rapeseed: exports steered up a bit

May 23, 2017 at 6:11 AM , Starry Night Ltd.
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Although exports have been frozen for quite a time, earlier this month small shipments to foreign markets kicked in. Even though local trade is sluggish at best, the market seems not so willing to work with future contracts.

Rapeseed: a sudden move in exports, at that time of year, will only quicker deplete remaining stocks

SOFIA. Rapeseed quickly finds its export routes to foreign markets as the majority of foreign sales are usually quickly executed after the marketing season starts. Afterwards, exports of remaining stocks are occasional and small.

However, according to the Ministry of Agriculture, during the second week of May 2017, small quantities of rapeseed were exported to buyers within the European Union and even smaller went to their counterparts in the rest of the world. Western European buyers have imported the majority of the crop so far while to the rest of the world, the country has shipped fewer quantities (See the table below).

Harvest 2016-17

(beginning of harvest till 19.05.2017)

Carry over

70,000 mt

Domestic output

506,778 mt

Imports

33,743 mt

Domestic consumption

70,600 mt

Exports to the world

503,771 mt

   to EU countries

465,266 mt

   to the rest of the world

38,505 mt

 Source: Bulgarian Ministry of Agriculture

 Prices exhibit a downward trend

In recent months, local trade on a monthly basis has been sluggish. According to the Ministry of Agriculture, by the 19th of May 2017, remaining stocks amounted to 36,150 mt. At such a level, and with the upcoming harvest approximately a month away, the market should be more willing to work on future contracts, as was the case in March and April. Although remaining quantities are low, an upside shoot in prices remains restrained. Currently, sales are closed at an average purchasing price of 0.343 EUR/kg EXW.

Rapeseed, Bulgaria

Crop

EUR/kg

rapeseed

0.343

EXW Bulgaria

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