Market update week 35
The maize crop in Bulgaria will be the lowest in ten years due to a severe drought, according to USDA’s FAS Foreign Agricultural Service. It will be 2.2 million tonnes, down from 2.45 million tonnes in FY 2023/24. The amount of land planted to maize in 2024/25 MR decreased by 9% to 484 thousand ha from the previous season. The 2024/25 season will be the third consecutive year in which the country’s maize yield will be much lower than usual, potentially affecting future planting plans. Currently, more than 90% of the country’s maize crop is not irrigated, and new investments are pouring in slowly.
The maize crop in Bulgaria will be the lowest in ten years due to a severe drought, according to USDA’s FAS Foreign Agricultural Service. It will be 2.2 million tonnes, down from 2.45 million tonnes in FY 2023/24. The amount of land planted to maize in 2024/25 MR decreased by 9% to 484 thousand ha from the previous season. The 2024/25 season will be the third consecutive year in which the country’s maize yield will be much lower than usual, potentially affecting future planting plans. Currently, more than 90% of the country’s maize crop is not irrigated, and new investments are pouring in slowly.
There’s good news regarding maize, especially in Iowa where yields are expected to exceed the three-year average by 0.45 t/ha, according to the Pro Farmer crop study in the United States. The Corn Belt as a whole is looking optimistic for the forthcoming season, with six of the seven states surveyed anticipating above-average results.
There’s good news regarding maize, especially in Iowa where yields are expected to exceed the three-year average by 0.45 t/ha, according to the Pro Farmer crop study in the United States. The Corn Belt as a whole is looking optimistic for the forthcoming season, with six of the seven states surveyed anticipating above-average results.
Exporters’ demand for Russian wheat remained quite high. Between the end of July and mid-August, prices for Russian wheat in ports rose by 650 rub to 16,400 rub ($181). Port prices have steadied over the last week, holding at 16,400 rub (unchanged WoW). This could signal a minor drop in demand from exporters. Since the beginning of July, export quotations for Russian wheat have stayed around $220 per mt (FOB). During the same period, Matif wheat prices dropped by $26 to $205/mt.
Exporters’ demand for Russian wheat remained quite high. Between the end of July and mid-August, prices for Russian wheat in ports rose by 650 rub to 16,400 rub ($181). Port prices have steadied over the last week, holding at 16,400 rub (unchanged WoW). This could signal a minor drop in demand from exporters. Since the beginning of July, export quotations for Russian wheat have stayed around $220 per mt (FOB). During the same period, Matif wheat prices dropped by $26 to $205/mt.