Bulgaria. Optimistic Yield Figures Pressured Prices for Sunseed
Sunseed prices in the Bulgarian market traditionally lowered ahead of the start of the new season, reaching BGN 563/MT (USD 335/MT). The start of sunseed harvesting and the first optimistic yield figures became the main bearish factor, reports UkrAgroConsult.
In the rapeseed market, strengthening demand from the European neighbors leads to a revival of domestic trade and stirs up competition among traders.
According to the Ag Ministry of Bulgaria, rapeseed harvesting was 100% complete as of August 30 (183.5 Th ha). Farmers harvested 456.2 KMT with a yield of 2.49 MT/ha (down 12.6% year-over-year). This year’s harvest area of rapeseed is 13.7% larger than in 2017, the harvest pace is 14.2% ahead of last year, but the rapeseed crop is down 0.4% on the year.
Soybeans had been harvested from 0.55 Th ha by August 30, out of the 2.49 Th ha projected (-78.4%). The crop amounted to 0.79 KMT (-80.5%) with a yield of 1.43 MT/ha (-32.5%).
In addition, sunseed harvesting has begun in Bulgaria. As of August 30, the harvested area equaled 191.7 Th ha (26% of the projected 732.7 Th ha).
Detailed analysis of the latest trends in oilseeds/vegoils/meals exports, palm oil imports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting/harvesting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Vegoils" by UkrAgroConsult.
Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the VI International Conference “Black Sea Oil Trade”, which will take place on September 20, 2018 in Hilton hotel, Kiev, Ukraine.
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