March 28, 2008

EU intervention tender grants 50,855 tonnes of Hungarian corn

A total of 50,855 tonnes of Hungarian corn was granted at Thursday's EU intervention resale tender, according to figures by the European Commission.

The corn was granted at EUR 179.5 per tonne. Offers for the corn totalled 76,383 tonnes in a range from EUR 165.2 to EUR 188 per tonne, according to the data.

There were no offers to resell Hungarian wheat out of intervention.

Starting in the 2006-07 marketing year, the EU opened tenders to resell grain held in public intervention stores back on the internal market due to tight supplies. This has been carried on into the 2007-08 marketing year, which began in July.

After totalling about 14 million tons at the start of the 2006-07 crop year, public intervention stocks have been nearly used up, with remaining intervention stocks consisting mostly of Hungarian corn.

The grain isn't allowed to be granted below domestic or intervention prices.