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.

ADVERTISEMENT

Annual Inflation Hits 23-Year High in May Analysis

Annual Inflation Hits 23-Year High in May

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

Dóra Petrányi to co-head CMS Tech, Media, and Comms Group Appointments

Dóra Petrányi to co-head CMS Tech, Media, and Comms Group

Budapest targets tourists with public transport fare hikes City

Budapest targets tourists with public transport fare hikes

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.