Grain Sector Shock: Major Bulgarian Producer Collapses Under Massive Debt
Farm Sense AD, a long-standing agribusiness company based in the Dobrudja region, has initiated bankruptcy proceedings in the Sofia City Court
Many Bulgaria Grain Producers Set for Bankruptcy
Business | August 7, 2009, Friday // 20:54
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Bulgaria will produce about 3,1 million tons of wheat in 2009, some 25% less than in 2008. Photo by BGNES
A lot of Bulgaria's grain producers are set to go bankrupt because the wheat that they produced in 2009 costs well above the market price.
According to the Chair of the Grain Producers' Association, Radoslav Hristov, the production cost of the wheat in 2009 is the highest in the last 20 years - about BGN 270-280 per ton of wheat, with an average yield for the country of 295 kg per decare.
Hristov believes the situation is critical, and that only the farmers who producer about at least 350-400 kg of wheat per decare will be able to survive. The grain producers' issue will be discussed by the Grain Consultative Council on August 17.
Preliminary data shows that Bulgaria's 2009 wheat yield is going to be about 3,1 million tons - about 1,2 million tons smaller than the record yield in 2008.
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