Experts noted the explosive rise in grain prices in Russia last week

Published Jun 22, 2024

Tridge summary

Grain prices in Russia have experienced a significant increase due to adverse weather conditions, including frosts and drought, as reported by the monitoring company ProZerno. The surge in prices is most notably seen in the Volga region, with class 3 wheat prices rising by 525 rubles to 12,988 rubles per ton. Other regions and grain classes also experienced increases, with barley and corn seeing the most significant price hikes in the south. Ten regions in the European part of Russia have declared a state of emergency due to recurrent frosts, which have caused widespread crop damage.
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Original content

May 21st. INTERFAX.RU - Last week in Russia, grain prices showed “explosive phenomena,” and they are still continuing, according to the monitoring company ProZerno. As the company's general director Vladimir Petrichenko told Interfax, the explosive rise in grain prices is, first of all, a consequence of the frosts that swept across European regions. The weather in the Urals and Siberia is not conducive to farmers. “Given this, as well as the drought, prices are going up, and this process is not over yet,” he said. Thus, prices for class 3 wheat increased the most - by 525 rubles, to 12,988 rubles per ton (EXW, including VAT) - in the Volga region. They actively increased in the center, Chernozem region and in the south - by 400 rubles, to 12,733, 12,710 and 15,030 rubles, respectively. Experts assessed the increase in prices for class 4 wheat in the south as “very powerful” - by 786 rubles, to 13,817 rubles. In the Volga region the increase was 475 rubles, up to 11,075 rubles, in ...
Source: Oilworld
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