The Bulgarian sunseed crop increased to 1.8 MMT in the 2016/17 season (up 7.5 percent year-on-year). As a reminder, the reasons included an expansion of sunflower plantings (up 0.6 percent year-on-year) and a higher yield (up 6.6 percent).
Unusually, Bulgaria stepped up sunseed imports to a record 215 KMT in the 2016/17 season, including 131 KMT, or some 61 percent purchased from EU countries.
In view of quite high sunseed carryovers in Bulgaria (96 KMT), aggregate supply of the commodity expanded to 2149 KMT – this could not but affect the sunseed consumption pattern. Please note that domestic sunseed consumption increased considerably in MY 2016/17 against the previous season. Its growth exceeded the wildest forecasts (up 302 KMT) in view of dropped exports (down 44 KMT).
So, 2016/17 export statistics indicate a fall in sunseed shipments to foreign markets (down 5.8 percent year-on-year at 676 KMT).
Noteworthy is that Bulgarian sunseed exports have been sinking since MY 2013/14. The export share in the gross sunseed crop shrank to 36.8 percent in MY 2016/17, whereas 60-65 percent or even a larger portion of its volume was shipped abroad just a few seasons ago.
The trade with non-EU countries has been expanding over the last two seasons. Among them, the top buyer of Bulgarian sunseed is Turkey, which absorbs more than 50 percent of the commodity shipped beyond the EU. The sunseed trade with non-EU countries was boosted to 171 KMT in the 2016/17 season (up 4.4 percent year-on-year).
UkrAgroConsult estimates that the new 2017/18 season will witness a sunseed crop increase to 1.9 MMT. According to current information of Bulgaria’s Ag Ministry, sunseed was harvested from 808 Th ha (99.7 percent of forecast) by November 10. Its crop already exceeded 1.8 MMT with a yield of 2.28 MT/ha.
The new marketing year is expected to feature a drop both in sunseed imports and exports (200 KMT and 670 KMT, respectively). Simultaneously, domestic crushing will continue growing (940 KMT) at the expense of more significant carryovers and the crop increase.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
7 simple ways to boost your website’s online sales
How do you improve your website’s buying process in order to increase sales?
3 reasons your business should still accept checks
Businesses need to embrace technology to stay competitive, but here’s why they still need to accept good old paper checks.
Gambling industry investors may profit the most in these countries
If you’re an investor looking to put some cash into the gambling industry, here are some countries to consider.
Wheaton Precious Metals Corporation is on the up
The resolution of the tax issues removes the cloud that this stock was laboring under and deterring investors.
3 lessons for entrepreneurs from Shazam’s long road to success
Chris Barton, co-founder of Shazam, showed that belief and persistence pays off eventually, even if it takes a decade to...
- Crowdfunding4 days ago
Wisdom of the crowd or herd mentality? A crowdfunding lesson
- Business4 days ago
Think you’re ready to launch a startup? Not until you take these steps
- Cannabis5 days ago
CBD-infused food is becoming a reality as consumers turn to cannabidiol for health benefits
- Cannabis4 days ago
West Coast Ventures Group Corp. (OTC:WCVC) capitalizes on CBD market growth and the mainstream acceptance of cannabidiol