Russia's Ministry of Agriculture assessed the risks of a rise in price of rice

Published Mar 21, 2023

Tridge summary

Russia has seen a 2.6% increase in rice groats production last year, with the quality meeting necessary standards and a stable price situation for both raw materials and retail cereals. Despite a late rice harvest in 2022, processors are pleased with the raw material quality. Until the middle of 2023, Russia maintains a ban on rice and rice cereal exports, ensuring domestic rice availability. Despite an anticipated decrease in wholesale prices for rice in the upcoming week, stable producer prices are expected with predicted stable growth. The National Rice Union also anticipates that rice cultivation areas will be maintained, ensuring production volumes meet the country's needs.

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Original content

Last year's harvest is sufficient for processing enterprises. Over the past year, the production of rice groats in Russia increased by 2.6%. The quality also meets the required parameters. According to the results of monitoring, analysis and assessment of the volume of consumer properties of rice, out of the surveyed 867.1 thousand tons, about 96.11% of rice corresponds to class 1-3, only 3.89% does not comply with GOST. At the same time, raw material prices are stable, as are retail prices for cereals in retail chains. According to Rosstat, since the beginning of the year by mid-March, rice has fallen in price by 1.9%. In addition, until the end of the first half of 2023, Russia has a ban on the export of rice and rice cereals. This ensures that the country's needs for rice will be met, according to the Ministry of Agriculture. Given the ban on the export of rice, it is enough for the domestic market, Mikhail Radchenko, executive director of the National Rice Union, agrees. At ...

Source: RG