Grain Market Overview

Published 2020년 9월 28일

Tridge summary

The Russian Ministry of Economic Development forecasts a decrease in agricultural production growth to 1% in 2020 from 4% in 2019, with an expected gross harvest of grains and legumes to reach 122.5 million tons. The International Grains Council has raised Russia's grain harvest forecast by 3.2 million tons to 123.6 million tons, and grain exports are projected to increase to 48.1 million tons. The Krasnodar Territory is starting its winter crop sowing campaign, aiming to increase grain volumes to 15.5 million tons by 2024, and plans to double oilseed production to 2.3 million tons. However, severe drought in the Chelyabinsk region has led to a significant grain deficit, causing potential financial losses.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The growth rate of agricultural production in the Russian Federation this year will decrease to 1% from 4% in 2019, according to the macro forecast for 2021-2023 published by the Ministry of Economic Development on Saturday, Finmarket reports. From 2021 to 2023, the annual growth will be 2.1%, from 2019 to 2023 - 7.5%. According to the forecast, the gross harvest of grains and legumes this year is expected to reach 122.5 million tons against 121.2 million tons in 2019. "In the future, until 2023, grain production will increase to 137.5 million tons due to an increase in yield and sowing area, which is 13.5% higher than in 2019," the document says. At the same time, the International Grains Council (IGC) in September raised the forecast for grain harvest in Russia immediately by 3.2 million tons, to 123.6 million tons. The forecast for grain exports in the current agricultural year (July 2020-June 2021) has been increased to 48.1 million tons from 47.4 million tons according to the ...

Source: Agroru