News

ICAR predicted an increase in sugar production this season to 6.8 million tons in Russia

Sugar
Russia
Market & Price Trends
Published Dec 2, 2023

Tridge summary

Sugar production in Russia for the 2023-2024 season is predicted to increase to 6.8 million tons, allowing for government purchases of sugar into the intervention fund. The country may reach record production levels similar to the 2019-2020 season when almost 7 million tons of sugar were produced. While the main markets for sugar exports are former Soviet republics, additional markets include North Korea, Mongolia, Afghanistan, Iran, Serbia, Turkey, and other countries, with limited opportunities for exports by sea.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Moscow. December 1. INTERFAX.RU - Sugar production in the Russian Federation this season (August 2023-July 2024) may increase to 6.8 million tons compared to 6.2 million tons a season earlier. Since consumption is 5.8 million tons, it becomes possible to carry out government purchases of sugar into the intervention fund, says leading expert of the Institute of Agricultural Market Studies (IKAR) Evgeniy Ivanov. “This year we will approach the record production of the 2019/2020 season, when almost 7 million tons of sugar were produced, and we can produce 6.8 million tons,” Ivanov said at the “Russian Agricultural Trends 2023-2024” conference on Friday in Moscow. According to him, this production volume, which takes into account the processing of syrup and molasses, can make it possible to fill the intervention fund. “This mechanism has never been turned on, and there are probably technical issues on how to launch it. The established price levels at which interventions are launched ...
Source: Interfax
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