Tridge summary
Russia has completed almost all of its spring sowing, with over 29 million hectares sown, surpassing the targeted area. The Ministry of Agriculture reports that prices for exports like 4th grade wheat and barley have seen a decrease due to a drop in global prices and the ruble's strength, while corn prices have risen. The state intervention fund's significant grain sales have also influenced domestic prices, leading to a general decline in prices for major crops from May 7 to June 11. Despite these challenges, domestic demand remains strong, with grain processing organizations in Russia experiencing an increase in the processing of various grains by 3.2% compared to the previous year. However, the total grain reserves in agricultural, procurement, and processing organizations have reached a six-year low, with a 4.1% decrease compared to the same period in 2019, excluding grain from the State Intervention Fund.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Domestic market: According to the Ministry of Agriculture of Russia, spring sowing is almost complete. By June 16, spring crops in the whole country were sown on 29 million hectares, or 99.7% of the projected area. Of these, spring wheat occupies 12.4 million hectares, or 102.2% of the plan, spring barley 7.9 million hectares, or 100.4%, corn for grain 2.9 million hectares, or 106.7%. For the period from April 13 to June 16, almost 1.46 million tons of grain were sold from the state intervention fund, including 732 thousand tons of wheat of the 3rd class, 609 thousand tons of wheat of the 4th class, 93.2 thousand tons feed wheat and 24.7 thousand tons of feed barley. PRICE MONITORING From May 7 to June 11, 2020, there was a decrease in export prices for 4th grade wheat (-9.3%) and barley (-3.3%) and an increase in corn prices (+ 5.8%), as well as a strengthening the ruble to the dollar by 7.8%. The decline in world prices amid the strengthening of the ruble sharply reduced the ...
Source: Agroxxi
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