Agriculture Minister: Grain stocks need gauging

Crops

Photo by Nikolett Emmert / Shutterstock.com

Minister of Agriculture István Nagy pointed to the need to gauge Hungary's grain stocks as concerns over how to get Ukraine's crop to market drive global prices higher in an interview published in business daily Világgazdaság last week.

Hungary earlier mandated a reporting requirement for grain exports, which Nagy said serves as a good indicator for grain inventories. 

"When we saw that Western buyers signed contracts for 55,000 tonnes [of grain] in Szabolcs-Szatmár-Bereg County alone, on a single day, we realized that this kind of market panic could draw all of the grain out of the country in an instant if we don't mandate measures to stop the process," he told the paper. 

"That's why we required mandatory reporting, which is practically a gauge of inventories, and I think it's working well. I want to keep it in place in the future, too, as it's needed for responsible management," he added. 

Nagy acknowledged that farmers could still hold on to their grain, speculating that prices would climb further.

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