News

Russia: Why a rich harvest threatens farmers despite growing exports

Wheat
Grains, Cereal & Legumes
Russia
Market & Price Trends
Published Dec 26, 2023

Tridge summary

Russia is expecting another record-breaking harvest year for grain, with grain exports projected to exceed last year's record. However, falling prices and rising production costs are affecting profitability for agricultural producers. Despite challenges, grain exports are growing, with the main importers of Russian wheat being Turkey, Egypt, and Bangladesh.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia is looking forward to another harvest year, and grain exports will break last year's record, say experts interviewed by Forbes. At the same time, prices are falling, and the cost of growing grain is rising. Grain exporters are building new logistics routes, but the unsold inventory balances are not decreasing, and agricultural producers are complaining that profitability has dropped by half, and somewhere up to 20 times. What the next fruitful year brought to farmers and what 2024 will be like - in the Forbes material. The grain and leguminous harvest in 2023 amounted to more than 153 million tons in bunker weight, in net weight it is predicted to be over 146 million tons. This is slightly less than in 2022, when grain and leguminous crops harvested 157.7 million tons in net weight. In addition, the Ministry of Agriculture takes into account the collections of new regions in the declared volumes for 2023 (Donetsk and Lugansk People's Republics, Kherson and Zaporozhye ...
Source: Zol
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