Russian sugar news, March 24, 2021

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The extension of agreements on the reduction and maintenance of prices for sunflower oil and white sugar will ensure the stability of supplies and prices for these commodities, said Minister of Industry and Trade Denis Manturov. New agreements on fixing the cost of sugar and sunflower oil are planned to be concluded on the same terms, including the price figures, which are spelled out in the existing agreements.


The sugar beet sowing area in the Krasnodar Territory will be about 190 thousand hectares this year, which is 20 thousand more than in 2020, and due to weather conditions, sowing will begin a week later than usual - on March 25, the Minister of Agriculture and processing industry of the Krasnodar Territory Fedor Dereka.


Retailers face problems in the procurement of refined sugar, primarily these are the regional companies and non-chain retail, according to the press.


The Russian market is provided with the necessary volumes of sugar, there is no shortage of this product and should not be anticipated in the future, the Ministry of Agriculture of the Russian Federation said in a statement.


On March 23, 2021, 2 sugar contracts were sold at NTB and BSP. The total volume of sales has made 400 MT at the average price of RUR 45500/MT (US$609,85/MT at the exchange rate of CBR on date indicated). Trading session closed at $609.85/MT (CFO).



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