EU: grain intervention stocks sold out
The European Union has no intervention stocks of grain left. There are only 257,000 tonnes of maize still available, but this will be gone in the near future as well.
However, the European Commission predicts that the maize will be gone before July 1st 2008. Because there is almost no grain available anymore in the US, countries often buy grains in the EU, which has caused the current scarcity.
It is uncommon that the EU has no intervention stocks left, according to a spokesperson from the Dutch Product Board for Agriculture. The last time that the EU had no grains left was in 2003. The Commission has no tools left to influence the grain market via sales from the intervention stocks.
However, that the prices for grains will increase is a fact, the Commission said.