ADVERTISEMENT

Bulgarian grain crisis not over yet

Weather

Animal feed producers in Bulgaria blame the government of failing to maintain the grain reserves in the country. They call it “poor management of the grain crisis that was caused by the recent droughts”.

Calculations by the union of animal feed producers showed that 2.65 million tons of wheat, barley and maize will be necessary to balance the requirements for bread and animal feed this year. According to official information the recent harvest only yielded 2.2 million tons of corn. Therefore, the balance is short by 450,000 tons. Deputy Minister of Agriculture Svetla Buchvarova was in Budapest on August 9 to inquire personally what the conditions and requirements are for Bulgarian producers to be apply to buy corn from Hungary.

The EU has allowed the Hungarian intervention agency to sell one million tons of grain to other countries through an auction. The bidding on the first auction, which took place recently, started at €130 ($175) per ton, but due to high demand, it went up to €170 ($229) per ton.

The next auction is scheduled for August 29. Producers in Bulgaria believe that Bulgarian companies will not be able to offer a high enough price as they will be bidding against some of the international grain traders like Glencore and Cargill Foods. Buchvarova also recently said that Bulgaria would negotiate with Ukraine to import corn from its state reserve. However, Ukraine has imposed a veto on grain exports at least until the end of August. (allaboutfeed.net)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.