Wheat: prices lose ground

July 20, 2017 at 12:39 PM , Starry Night Ltd.
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Harvest is still underway in some regions. The crop has already been shipped abroad.

Wheat: harvest still underway

SOFIA. This year, farmers started harvesting the fields later than usual because of persistent rains at the beginning of harvest. Later in the season, harvest was postponed in some regions, since sporadic rains interrupted the harvesting season. Anyhow, the weather for the next several days is forecasted to be dry and thus favorable for harvesting the remaining unharvested fields. Some farmers complained of lost crop because of fires, but the impact has been local.

According to the Ministry of Agriculture, by the 13th of July 2017, farmers harvested 53% of available acreages for harvest, totaling an arable area of 1,099,714 ha. If compared on a yearly basis, this year’s harvested fields lag behind those of last year by 26.6%.

Market developments

By the end of last week, collected wheat stood at 3,055,344 mt. Exports are already underway and by the 14th of the month amounted to 52,500 mt; 27,500 mt went to EU member countries, the rest was shipped to the rest of the world.

Harvest 2017-18

(01.07.2017 - 14.07.2017)

Carry over

   179,000 mt

Domestic output

3,055,344 mt

Domestic consumption

     61,600 mt

Exports to the world

     52,500 mt

Source: Bulgarian Ministry of Agriculture

Prices seem to lose ground, sliding down a few euro per mt. However, expectations are prices to remain on the upper side at least before competition of the newly harvested crops within the Black sea basin influences the direction of prices.

Wheat, Bulgaria

Type

EUR/kg

milling wheat

0.148

feed wheat

0.143

EXW Bulgaria

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