Bulgarian wheat prices fall amid weak global market
Wheat prices in Bulgaria have fallen below €200/t amid weakness in the global market. Milling wheat traded at €198/t on the Sofia Commodity Exchange, while buying indications for feed wheat stood at around €192/t.
The market remains under pressure from lower global quotations. In Chicago, December wheat futures fell to around $248/t during the week after the US raised its estimate for the winter wheat crop.
On Euronext, the December contract also declined, reaching a six-week low near $265/t early in the week. Prices later recovered partially to around $270/t by the end of the week.
Additional pressure came from expectations of a possible recovery in Black Sea shipping. Market participants are factoring in the prospect of higher available supply if logistics improve and part of Black Sea exports resume.
Against this backdrop, the Bulgarian market remains pressured by both weaker international prices and regional competition. Prices below €200/t could discourage farmer selling, while at the same time improving the export competitiveness of Bulgarian wheat.
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