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Economy
02 November 2021, 14:14

Grain sales via Belarusian Universal Commodity Exchange virtually doubled in 2021

MINSK, 2 November (BelTA) – Sales of cereals via the Belarusian Universal Commodity Exchange (BUCE) have virtually doubled since the beginning of the year, BelTA has learned.

Since the beginning of the year Belarusian agricultural enterprises have bought 163,500 tonnes of cereal crops worth Br78.1 million via BUCE, 1.7 times up in physical terms and 1.9 times up in monetary terms. The most popular products were fodder corn and wheat, with 20,800 tonnes of fodder corn and 11,500 tonnes of wheat sold in January-October 2021.

Agricultural enterprises increased demand for cereal crops roughly in early October. Nearly 37,000 tonnes of grain worth Br20 million was sold via the Belarusian Universal Commodity Exchange in October 2021. To compare, as much as 3,200 tonnes worth Br1.4 million was sold in October 2020.

Due to the activity of traders the Belarusian Universal Commodity Exchange expects the demand for grain to continue rising in the short term. For instance, one month's worth of grain was sold only last week. Large sales are expected to continue taking into account the purchase applications the Belarusian Universal Commodity Exchange receives. The prices are driven by the increased demand for fodder in addition to high prices for oil meals of oil-bearing crops. It is a global trend that has affected Belarus as well. This is why Belarusian agricultural enterprises try to partially replace the expensive oil meals with cheaper grain and premixes. Since prices for oil meals are unlikely to fall any time soon, grain sales via the Belarusian Universal Commodity Exchange are likely to continue demonstrating high positive dynamics, BUCE Press Secretary Roman Yaniv said.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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