Bulgaria's state reserve confirmed on Wednesday that it was in talks to import at least 150,000 tonnes of wheat in a bid to ease rising wheat prices in the Balkan country. A severe drought has cut the new European Union member's 2007 wheat crop by 35 percent to 2.1 million tonnes.
"We are considering to import at least 150,000 tonnes of wheat, because local prices are too high. May be more. It will all depend on the prices and the financial capabilities," said Nikolai Borshukov, chairman of the country's state reserve.
Earlier on Wednesday a government source told Reuters the reserve was considering importing 200,000 tonnes of wheat after a poor grain crop drove wheat prices to 400 levs ($281.7) per tonne. Borshukov told Reuters the reserve was in talks with Russia and Ukraine, as well as with some Asian countries like Kazakhstan, Uzbekistan and Turkmenistan.
He declined to give further details, but said he expected the government to approve the imports soon. The idea is for the government to replenish state reserves with imported wheat instead of buying domestic grain, a move, which it expects would ease prices.
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