Russian and CIS sugar news, March 31, 2021

Latest news are available in our daily reports.

RUSSIA

Expanding the sowing area of sugar beet by 15% (up to 1 million 62 thousand hectares) will help stabilize prices in the food market in Russia, said Russian Minister of Agriculture Dmitry Patrushev.

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Rusagro estimated its lost profit at 200 million rubles per month due to the price agreement. The company believes that continued government price admistration will lead to negative economic consequences, Rusagro said in a statement.

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The largest Russian retail chains - Magnit, Lenta, X5 Retail Group, as well as regional retailers belonging to the Union of Independent Chains of Russia (over 40 trade chains from 30 regions of the country) have extended their agreements to stabilize prices for butter and sugar in Russia.

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Soyuzrossahar does not expect sharp price fluctuations for sugar after the end of the product price agreements, said Andrey Bodin, Chairman of the Board of Soyuzrossahar.

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According to operational data from Soyuzrossahar, sugar beet sowing campaign in the Russian Federation was launched in the Krasnodar Territory. As of March 29, 2021, 250 hectares have been sown. In 2020, on same date, a total of 155.4 thousand hectares were sown across the Russian Federation, including 136.3 thousand hectares in the Krasnodar Territory.

KAZAKHSTAN

On March 30, in the section of trade in agricultural products of the ETS, 8,000 tons of white sugar were sold at a price of 278,000 tenge (RUR 49,558.5) per ton basis of FCA, Zhambyl region.

KYRGYZSTAN

The Ministry of Economy and Finance of the Kyrgyz Republic has allocated 318.4 million soms (RUR 284.21 million) to replenish the reserves of vegetable oil and sugar in the country.

EAEU

The Eurasian Economic Commission (EEC) received a proposal from Russia on the introduction of a tariff concession for the import of 350 thousand tons of sugar from May 15 to September 1, 2021. Currently, the duty on imports of white sugar is $ 340 per ton.

Sugar.Ru

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