Grain trading - off the Stock Exchange

"Grain traders shunned away from the Stock Exchange  in 2011," said Executive Director of the Sofia Commodity Exchange ,Vasil Simov. According to him, we are once again witnessing the reluctance of retailers and food producers to “come into the open” and start trading their products on the commodity exchange.
"Major players in the sector – grain producers, traders and millers do not actively participate in the trade on the commodity exchange. It is not logical that transactions for 10,000 or 20,000 tons of wheat be concluded off the commodity exchanges. This means that there is something to hide, "said Simov. Bulgaria has export deals for thousands of tons of grain, which are concluded in private without any information on whether the traders have paid VAT, other taxes and fees. Now, less than 1% of the harvest of wheat in Bulgaria is traded in public. "Nowhere has been stipulated yet that transactions of more than BGN 10,000 tons have to be made through commodity exchanges. “Legal changes are needed in order that the grain trade will be brought in light, “ stated the Head of Sofia Commodity Exchange. He expressed hope that there would be a Government willing to do this. 

In 2011, oil was the most traded product on the commodity market with a share of 36% or a turnover of BGN 360,000. Sellers’ price of the bulk refined oil at the beginning of the year has been in the range of BGN 2,400-2,500 per tonne, VAT excluded. Late last year, a drop to levels in the range of BGN 1,800-1,900 per tonne was recorded and deals were signed at this price on the commodity exchange. The same trend and a decline of 18% was noted in crude sunflower oil on the most representative market worldwide – the commodity exchange in Amsterdam.

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