Банкеръ Weekly

Briefs

SALE OF GRAIN FROM THE STATE RESERVE HAS BEGUN

Under the September 9 decision of the Consultative Council on Grain with the Agriculture Minister, wheat from the State Reserve will be put out for trade on the domestic commodity exchanges as of September 17. 20,000 tons of milling wheat and 10,000 tons of fodder wheat will be offered to mills and fodder enterprises, registered under VAT. In addition to the earmarked 100,000 tons of grain, earmarked for intervening on the market, the State is ready to set aside another 300,000 tons for the purpose if that is necessary, the Agriculture Minister Mehmed Dikme explained. Negotiations for import of wheat from the USA at prices way below the current exchange quotations are presently being held. Talks were held at governmental level with Kazakhstan as well for eventual import of grain from that country at extremely advantageous prices - USD60/ton, Mr. Dikme added. The initial selling price on the commodity exchanges will be BGN220/ton, and the system for trade has already been tested in the tenders for soy groats, very successfully held in the last two years, Hristo Milenkov, member of the Consultative Council and Executive Director of the Sofia Commodity Exchange, said. The three licenced local commodity exchanges will take part in the tenders in order to avoid different prices or a single company trying to buy the grain from all the three exchanges. According to experts' forecasts, deals will be effected at about BGN230-240/ton before VAT.

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