Rates beat the harvest in Russia

Published 2024년 8월 20일

Tridge summary

The Russian Grain Union forecasts a decrease in Russia's grain exports, aiming to maintain its 26% share of the global market. This is due to several factors, including a decline in export deliveries, low world prices, and reduced resources. Additionally, the union cites challenges such as the end of preferential loans, difficulties in importing foreign seeds, and sanction-related restrictions. The export potential to China is also limited due to phytosanitary barriers. Logistical issues and the lack of port capacity in the Nizhny Novgorod Region further hinder exports. This has resulted in a significant drop in exports compared to the previous year, with a decrease in the nomenclature of grain exported.

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

Original content

The Russian Grain Union is pessimistic about the prospects for grain exports and maintaining the 26% share of the world market achieved at the end of last season. Market participants and analysts interviewed by PortNews generally agree that exports will decrease in the new season for a combination of reasons. The Russian Grain Union predicts a significant drop in exports in the new season. As Arkady Zlochevsky, President of the Russian Grain Union (RGU), told journalists, a decline in export deliveries has already been recorded from July 1 to August 10 (from the beginning of the 2024 season), compared to the same period last year. Reference: According to the Russian Grain Union, Russia reached a historic record for grain exports at the end of last agricultural year. Thus, 56.148 million tons of wheat, 6.917 million tons of barley, 5.31 million tons of corn and 4.2 million tons of peas were exported: Russia accounted for 26% of the world market. The harvest amounted to 130 million ...

Source: Oilworld