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EU decides on liquidating corn intervention stocks

Competent EU authority is tendering all 1.2 million tons corn intervention stocks stored in Hungary, a decision argued for by an increasing demand for corn.

Competent EU authority is tendering all 1.2 million tons corn intervention stocks stored in Hungary, a decision argued for by an increasing demand for corn. Price of agricultural products increased by 6.4% in June (compared to June 2006), while the first six month’s increase was 8.9%, informed central statistics office KSH. Still, the corn will not necessarily be exported from Hungary, as it may be sold more easily in the country. Hungarian companies and the agricultural ministry are also considering future imports of corn from South America. This solution raises some doubts, as it may involve importing genetically modified products. (Napi Gazdaság)