Corn crop failure in Bulgaria will lead to a decrease in exports

The Foreign Agricultural Service of the US Department of Agriculture (FAS USDA) has downgraded its forecast for corn production in Bulgaria to 2.5 mln tonnes, as the crops were severely affected by the summer drought and heat.

By November 8, 96% of the area under corn was harvested, and 2.2 mln tons were harvested.

According to FAS USDA forecasts, Bulgaria may export 1.0 mln tons of corn this season, which is 0.4 mln tons less than last season.

Due to the drought for two consecutive years and low yields, the attractiveness of corn for Bulgarian farmers may decrease, and the area under this crop may be reduced in the spring of 2024. This year, corn required the highest costs of cultivation compared to other grains and oilseeds, and had the lowest profitability due to lower yields and prices. Abundant supply of corn in other Black Sea countries this year put additional pressure on Bulgarian farmers.

The weather was much more favorable for wheat crops this year. The gross wheat harvest amounted to 6.8 mln tons, which is 6% more than last season.

Exports of Bulgarian wheat in the first months of the season are active due to large initial stocks, high external demand and attractive prices for farmers. As of early November, Bulgarian exporters have already exported 3 million tons of wheat. Exports for the whole of last season totaled 4.2 million tons.

Sowing of winter crops for the 2024 harvest was hampered by an unusually dry and warm fall. By mid-November, wheat sowing was 26% behind last year, but farmers are expected to make efforts to catch up.

Tags: Bulgaria, corn