Gapuma SRB: From Strength to Strength
30 June 2026 As Serbia’s harvest season gets under way, our Serbian subsidiary, Gapuma SRB, is in the thick of one of its busiest periods of the year. Led by Managing Director Aron Mohacsi, the team in Žabalj, Vojvodina, continues to build on its grain trading and fertiliser distribution operations, serving the agricultural heartland of one of Europe’s most fertile regions. Beyond the fields, Gapuma SRB has also been deepening its ties with the UK’s diplomatic mission in Belgrade. We were honoured to sponsor His Majesty The King’s Birthday celebrations earlier this month, attending at the personal invitation of the British Ambassador, His Excellency Edward Ferguson – a reflection of the strong and growing relationship between Gapuma and the United Kingdom in Serbia. And there is more to come. The Serbia edition of the Gapuma Globe is published tomorrow, with an in-depth look at the country, its economy, and the people driving our work there. From the harvest to the diplomatic stage, Gapuma SRB goes from strength to strength.
A Toast to UK–Serbia Friendship: Gapuma at the King’s Birthday Party in Belgrade
19 June 2026 Gapuma Group is proud to have sponsored the King’s Birthday Party hosted by the British Embassy in Belgrade – a splendid garden reception bringing together figures from across government, business and the diplomatic community to celebrate the warm and enduring friendship between the United Kingdom and Serbia. It was a privilege to support the evening alongside a distinguished group of fellow sponsors, among them AstraZeneca, Range Rover, Chivas Regal, Frikom, Harrisons, Menzies Aviation and Delta DMD, the leading Serbian distributor of fast-moving consumer goods. Good company, in every sense. The evening offered a welcome reminder that trade and diplomacy move in step. Serbia continues to position itself as a dynamic hub at the crossroads of Central and South-Eastern Europe, and the United Kingdom remains a natural partner in that ambition – in commerce, in investment and in the exchange of ideas that underpins any lasting relationship between two nations. As a commodities trading company with a genuinely international footprint, Gapuma has long understood that strong bilateral ties are not an abstraction. They are built reception by reception, conversation by conversation, and partnership by partnership. Jack Bardakjian, Group Managing Director of Gapuma Group, said: “Gapuma takes great pride in being associated with the promotion and strengthening of bilateral ties between the United Kingdom and Serbia. Relationships of this kind open doors – for business, for communities and for the next generation of partnerships – and we are delighted to lend our support to an occasion that celebrates everything the two countries can achieve together.” Our thanks go to His Majesty’s Ambassador, Edward Ferguson, and the embassy team for their warm hospitality, and to everyone who joined us in raising a glass to a partnership with a long future ahead. See a video of the festivities here
Russia’s Wheat Ambitions Could Redraw the Map of European Grain Markets
10th July 2025 Russia is positioning itself with increasing clarity as the dominant force in global wheat exports, a development that is set to reverberate through European supply chains and pricing structures well into the 2025–26 season. In early July, leading agricultural consultancy SovEcon revised its wheat export forecast for Russia sharply upwards, from 40.8 to 42.9 million metric tonnes (mmt)—a significant year-on-year increase of over 5%. At a glance, the numbers speak to favourable agronomic conditions. SovEcon cited improved crop outlooks in Russia’s Central region, prompting a corresponding revision in the 2025 wheat production forecast to 83.0 mmt, up 2.0 mmt from June’s estimate. But beneath the surface lies a more consequential shift—one that ties together commodity strategy, currency dynamics, and geopolitical calculus. “Exporters will likely be able to lower FOB prices if needed while maintaining strong margins,” SovEcon reported, highlighting Russia’s flexibility in undercutting competitors without sacrificing profitability. That flexibility is now clearly visible in the market. In early July, new-crop Russian wheat was trading at $225–228/mt FOB, marginally cheaper than Bulgarian and Romanian offers of $230/mt. These seemingly narrow differentials carry disproportionate weight in the highly competitive and cost-sensitive grain trade of Eastern and Central Europe. Russia’s growing command of the wheat market is not simply a matter of good weather. A weaker ruble, low production costs, and a state-backed export apparatus are combining to give Moscow considerable leverage over regional grain flows. In the Black Sea basin—long a linchpin of European wheat distribution—this leverage is now setting the pace. But Russia will not go unchallenged. Both Romania and Bulgaria expect solid harvests, and Ukraine is repositioning itself to target new export markets amid evolving access constraints to EU buyers. With all three players expected to front-load supply early in the season, the result is likely to be sustained downward pressure on international prices. “Active wheat exports from the Black Sea region will weigh on global prices,” said SovEcon’s managing director Andrey Sizov. What is emerging is a more fragmented and fiercely contested marketplace, where competitive advantage will rest not only on output but also on logistical agility, political access, and pricing resilience. The Black Sea, once a shared export channel, is fast becoming a battleground for market share across Europe, the Middle East, and beyond. As Europe prepares for the 2025–26 wheat marketing season, the implications of this recalibrated export landscape are far-reaching. Procurement strategies, trade flows, and port utilisation patterns will all be shaped by Moscow’s next move—and the ability of neighbouring exporters to respond. At Gapuma, we continue to monitor these developments closely. The strategic realignment underway in the Black Sea wheat corridor demands rigorous attention, nuanced analysis, and a firm grasp of geopolitical risk—all essential in navigating Europe’s increasingly complex grain economy.
From Golden Fields to Global Tables: Gapuma’s First Wheat Harvest in Serbia
3rd July 2025 It is harvest time in Serbia, and as sunlight glints off the golden fields of Vojvodina, Gapuma proudly marks a major milestone — our first wheat crop in the region. This inaugural harvest represents more than a successful growing season. It signals the expansion of our agricultural presence in Serbia and the beginning of a broader commitment to high-quality, sustainable food production. The wheat will be stored in our own advanced 22,000 metric tonne storage facility located in Žabalj, positioning us at the heart of Serbia’s most productive agricultural zone. Wheat is just the start. With soya and maize also under cultivation, our harvests will support a growing network of trusted partners across Europe and beyond. From seed to silo, Gapuma is dedicated to contributing to long-term food security, regional resilience, and responsible agri-trade. We are proud to be part of a new agricultural chapter in Serbia — one rooted in quality, innovation, and a shared vision for nourishing communities across borders.