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Hungary's intervention stock at 5.47 million tons, AgMin reports

Hungary's stock of intervention grain stands at 5.47 million tons, including 679,000 tons of wheat, 4.74 million tons of maize, 47,000 tons of barley and 3,000 tons of sorghum, expert state secretary at the Ministry of Agriculture Fülöp Benedek told MTI.

Ministry figures from mid-October show the state has contracts for 9.089 million tons of intervention stock with farmers and traders, or 69% of total intervention capacity. About 70% of the 8.249 million tons of capacity for long-term contracts is being used, while 58% of capacity for short-term contracts is in use. With some short-term contracts expiring, the ministry allowed 2.623 million tons of intervention grain to be relocated by October 15. The relocation, which cost the central budget Ft4.54 billion, involved 2 million tonnes of maize, 590,000 tons of wheat, 29,000 tons of barley and 1,700 tons of sorghum. Rising global grain prices have boosted offers for Hungarian intervention stock. Bids for wheat are at €126-140 per ton, and maize prices are at €102-111 per ton. Barley is going for €112-121 per ton. The minimum intervention price for wheat was €134.92 in mid-October. The minimum price for maize was €105.2 per ton and it was €120.53 for barley. For the 2006-2007 grain year, the European Commission has so far approved the sale of 1.507 million tons of Hungarian intervention stock. (Mti-Eco)