Bulgarian wheat exports soar on strong demand, record stocks

Large beginning stocks, good export demand and prices have driven Bulgarian wheat exports in 2023-24 to 3 million tonnes as of early November, an increase of 260% from the previous year, according to a report from the US Department of Agriculture’s Foreign Agricultural Service (FAS).

However, an unusually dry and warm fall has made planting of 2024-25 winter grains challenging, with wheat planting 26% behind.

Planting of rye was behind 63% and triticale 41%. Rain arrived in early November, and while a relief, did not dramatically change the situation, FAS said.

With more rain in the forecast, it is expected to support the early development of winter grains. Planting was expected to continue until the end of the month.

Initial expectations are for wheat production of 6.3 million tonnes. That compares to final production data of 6.8 million tonnes for 2023-24.

About 48% of the crop is milling quality compared to 66.3% in 2022, due to unfavorable weather conditions and not sufficient sunshine.

“This is also the lowest share of milling wheat for the last five years,” FAS said.

Farmers were eager to sell due to relatively good yields and record ending stocks. While prices were lower than the previous marketing year, they still provided a positive margin to producers, FAS said.

Of the 3 million tonnes of exports, 2.2 million tonnes were exported to non-EU countries. Primary non-EU destinations have been South Korea, Indonesia, Thailand, Morocco and Algeria.

Tags: stocks, Bulgaria, export, wheat