September 3, 2010

Bulgaria's new wheat exports double in 2010

Bulgaria's exports of new-crop wheat and barley doubled this year after Russia and Ukraine curbed grain sales amid drought, said Radoslav Hristov, president of the Grain Producers Association.

Bulgaria exported 600,000 tonnes of new-crop wheat this summer, double the amount sold a year ago, Hristov said.

The harvest and growing season, which is 100% complete, reaped some 3.7 million tonnes of wheat this year and 780,000 tonnes of barley, according to the agriculture ministry. Bulgaria's wheat exports will reach as much as 1.6 million tonnes this year, after 1.1 million tonnes a year ago, Hristov said. The bulk of the grain was shipped to Italy, Spain, Egypt, Syria, Iran and Vietnam.

"Wheat prices rose by 50% in the Black Sea region after Russia and Ukraine halted sales," Hristov said. "Exports were boosted by new clients in Israel and South Korea."

Russia has banned grain exports to preserve domestic supplies after a drought. Ukraine said on August 18 it will limit sales to foreign buyers. Russia and Canada were the second- biggest wheat shippers last year, while Ukraine was the fifth largest. Wheat futures have gained 50% since the end of May as crop prospects dimmed in Russia and Canada.