Russia – The frost that struck Russia within the first half of this Might had a restricted impression on the grain crop, amid expectations that this could result in a rise in wheat costs in world markets.
Russian Agriculture Minister Oksana Lot stated a couple of days in the past that crops had been misplaced on an space of 900,000 hectares, confirming the provision of seed assets to replant these lands once more.
Chairman of the Board of Administrators of the Russian Grain Exporters Union, Eduard Zernin, estimated the losses at “a number of million tons” of grain. In flip, the Institute for Agricultural Market Research (IKAR) decreased its expectations for the wheat crop in Russia from 91 million to 86 million tons, and grains generally from 142 million to 135 million. Tons.
Consultants dominated out that this could undermine the soundness of the Russian agricultural sector, however it will elevate the value of Russian wheat in worldwide markets
Russian skilled and analyst Alexander Nazarov stated in a publish on his channel on the “Telegram” social networking software: “Crops in Russia misplaced an space of 830 thousand hectares as a consequence of frost, that’s, about 1% of all the space. Within the European a part of Russia, massive areas of agricultural land had been affected by frost in early Might 2024 and consequently the harvest shall be decrease and this will result in some enhance in meals costs.”
On world inventory exchanges, wheat futures rose by 2.96% by 15:20 Moscow time, and corn futures by 0.83%, in accordance with Bloomberg information.
Supply: RT + Rossiyskaya Gazeta
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2024-05-20 23:25:47