Bulgaria: Vasil Simov: Prices will fall because of the record amount of wheat and corn

The quantities produced this year will be record for wheat and corn, and maybe also for sunflowers. Therefore, a drop in stock market prices is expected. This is what he commented in the studio of “Your Day” Vasil Simov, executive director of the Sofia Stock Exchange.

“There is a large supply, so the price is falling. However, Bulgarian producers have economic difficulties, and the low value is not good for them. Subsidies and payment per acre are well regulated. From 2021 until now, the stock exchanges indicate the lowest possible quotations, this is due to a market factor – the greater amount of production, he explained.

Simov also commented on the prices of basic goods and raw materials. “If the amount of sunflower produced decreases, the price of oil may rise. So far, no change is expected compared to last year. In September, the active harvest will begin and then there may be changes. Oil is the other typical commodity that held its levels from last year. We are reporting a drop of about 20% in corn prices. In the US, there is even a 24% drop because of the amount produced, which is significant,” he said.

In his words, the bread wheat market has decreased by about 15% compared to last year. “The oilseed sunflower is at the levels of last year in France, which is the main market. In Ukraine, the value is lower,” added Simov.

Tags: Bulgaria, corn, subsidies, prices, Production, wheat, sunflowers