Rice in Russia will continue to become cheaper in the near future – IKAR

Russia is experiencing a decrease in rice prices due to a large harvest and export restrictions. The Institute for Agricultural Market Studies (IKAR) predicts that average wholesale prices for rice will rise to 77 thousand rubles per ton in December 2024, up from 47 thousand rubles in March 2022. In contrast, buckwheat prices are not expected to fall further as producers will not sell at a loss. Buckwheat prices have dropped from 98 thousand to 35 thousand rubles per ton since April 2022, due to high domestic supply and export demand. IKAR anticipates a decrease in buckwheat exports from 133 thousand tons last year to 105 thousand tons this year.

In the short term, rice prices in Russia will continue to decline. This is reported by Agroexpert, citing forecasts from the Institute for Agricultural Market Studies (IKAR). The organization explained such expectations by a record harvest and restrictions on the export of "white grain". Recall that the ban on rice export was introduced in 2021 due to its shortage after the accident at the Fyodorovsky hydroelectric complex in the Krasnodar Territory, which is the largest crop-producing region in the country. This measure was subsequently extended, despite the stabilization of the situation and last year's record harvest of 1.7 million tons. The Ministry of Agriculture plans to lift the export ban if the harvest increases to at least 2 million tons. According to the presentation presented by IKAR, in December 2024, average wholesale prices for rice in the country were about 77 thousand rubles per ton, including VAT. This is 30 thousand more than in March 2022. At the same time, the ...