The expert called increased demand and geopolitics the reasons for the rise in prices for cereals in Russia

Published 2022년 3월 15일

Tridge summary

The Russian cereal market is experiencing a saturation due to record-breaking production levels, leading to a surge in prices caused by geopolitical factors and increased consumer demand. According to the Institute for Agricultural Market Studies (IKAR), the production of various cereals, including rice, buckwheat, and other grains, has significantly increased compared to the previous year. Despite the higher production, prices for these cereals have risen notably in March, especially for imported rice, due to geopolitical factors and the value of the currency. The Ministry of Agriculture in Russia is planning to expand the cultivation area for main cereal crops this year, including buckwheat, rice, and millet.

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

Original content

The cereal market in Russia is saturated, production in the current season, which began in September 2021, is at a record high level, and their prices are rising due to geopolitics and increased consumer demand, follows from the monitoring of the Institute for Agricultural Market Studies (IKAR). "The increase in prices for cereals is taking place against the backdrop of a high saturation of the market with domestic cereals," Deputy Director General of IKAR Irina Glazunova told Interfax. "The production of cereals for the five months of the current season (September 2021 - January 2022) is at a record high level." According to her, during this time, 767 thousand tons of various cereals were produced against 686 thousand tons a year earlier. Rice production increased from 221 thousand tons to 240 thousand tons, buckwheat - from 186 thousand tons to 211 thousand tons, other cereals - from 239 thousand tons to 275 thousand tons. Millet production remained at the level of last year - ...

Source: Milknews