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Wheat: Prices resist a downfall

November 30, 2017 at 9:22 AM , Starry Night Ltd.
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SOFIA. Skyrocketing exports to EU countries since the beginning of the marketing season support prices. The export trend is expected to continue in 2018.

BULGARIA. According to the Ministry of Agriculture, by the 23rd of the month, estimates of sowed acreages of wheat reached 1,061,018 ha, which on a year-to-year basis stand higher by 4.2%. Since the majority of wheat is mainly exported to EU markets, and the trend has been persistently strong throughout the years, the country expects next year’s acreages to lead those of the previous season.

Wheat: strong export activities maintain prices firm

Although prices within the Black sea region recently experienced a downfall, following global trends, local ones maintain a firm stance. The reason is the growth in exports on a weekly basis since the beginning of the marketing season. This year’s quality characteristics of wheat are much higher than those of last year, according to local farmers, which serves as an additional factor to keep the strong export rate. Indeed, in the middle of the month, price even followed a snail-like upward move.

      Harvest 2017-18

(01.07.2017 - 24.11.2017)

         units in MT

Beginning availability

179,000

Aggregate output

5,900,000

Imports

40,995

Domestic consumption

790,400

   food

398,000

   feed

198,000

   seeds

180,000

   industrial usage

14,400

Exports to the world

2,607,401

   to EU markets

2,318,512

   to rest of the world

288,889

Source: Bulgarian Ministry of Agriculture

The majority of exports usually go to EU markets, with Spain leading as a destination. A case in point, by the 24th of November 2017, the country exported 2,318,512 mt of wheat to the EU while by the 25th of November 2016, shipped volumes to EU countries reached 1,767,849 mt, according to local authorities. The difference is 31.15% in favor of the current marketing season. According to local exporters, the upbeat export trend will continue till about the end of February 2018, ceteris paribus.

However, exports to the rest of the world lag behind considerably on a yearly basis. For instance, by the 24th of the month, the local exporters shipped to countries outside the EU only 288,889 mt while by the 25th of November 2016, sent quantities reached 760,654 mt. The difference of 62.02% is in favor of exports during the previous season. Reliability of foreign partners weighs in favor of those within the Union!

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