Bulgaria: Grain and Feed Market Update
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The prospects for MY2022/23 winter grain crops remain favorable due to the relatively mild winter, sufficient soil moisture reserves, and snow cover. Higher input costs, however, may have a negative impact on the average yields due to expected lower application of inputs. There are market speculations for reduced corn plantings in the spring in favor of higher sunflower area planted due to the increasing cost of products. Grain exports in MY2021/22 had a strong start early in the season but slowed down in December and January. Due to the current complex market/logistics situation in the Black Sea region, wheat exports may lose their competitiveness and the country may generate higher than usual ending stocks. Local feed consumption remains limited due to high feed prices and low to negative margins in the livestock and poultry industries as accelerating food inflation takes its toll on staple products such as bread, bakery, and confectionary products.