The Chinese-Russian market is swinging, and crop estimates are fluctuating

Published 2024년 7월 29일

Tridge summary

In the first half of 2024, China's agricultural trade with Russia experienced notable changes. Wheat imports from Russia surged to $39 million from $4.6 million the previous year, while corn imports plummeted from $54.3 million to $19.9 million. Imports of Russian buckwheat, millet, and oats also increased significantly, whereas soybean and rapeseed imports declined. Meanwhile, Russia's crop forecasts have been revised multiple times due to fluctuating weather conditions, with recent estimates indicating an increase in total grain and wheat harvests but a decrease in expected corn yield.

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

Original content

The volume of Sino-Russian agricultural trade fluctuates enormously. Just like the harvest expectations in Russia, which took an interesting turn in the middle of summer... In the first half of 2024, China significantly increased its wheat imports from Russia, but the purchase of corn decreased sharply, writes Interfax, referring to the data of the Chinese Customs Administration. During this period, wheat imports amounted to 39 million dollars, compared to 4.6 million a year earlier. At the same time, corn imports fell from $54.3 million to $19.9 million. China's imports of Russian buckwheat and millet more than doubled to $43.6 million from $20.8 million in January-June 2023, while oat imports rose to $28.6 million from $13.7 million. However, in the first half of the year, China reduced its imports of Russian soybeans to $197 million from $346.1 million in January-June of the previous year. Rapeseed purchases also fell sharply: to $68.6 million from $86 million. In Russia, by ...

Source: Agraragazat