Mumbai, 08 Feb 2024 (Commoditiescontrol):As of January 1, Russia's combined wheat stocks, encompassing larger on-farm and off-farm holdings but excluding smaller companies, have reached a new peak at 36.5 million metric tons (MMT). This represents a modest 1% increase from the previous year, according to data from SovEcon. The climb to record levels is attributed to a slowdown in exports over recent months.
Breaking down the figures, off-farm wheat stocks have risen by 5% from last year, reaching 14.7 MMT. However, on-farm stocks have seen a slight decrease of 1%, totaling 21.8 MMT.
Regionally, wheat reserves show varied trends. In the Southern region, the stock levels are stable at 12.5 MMT, mirroring last year's count. The Central region experienced a 2% rise, bringing its total to 9.3 MMT. Notably, the Volga region saw a significant increase of 5%, with stocks amounting to 7.6 MMT.
The accumulation of these record-high wheat reserves in Russia is largely due to a reduction in export activity. SovEcon's analysis indicates that from November to January, Russia's wheat exports were 10.4 MMT, a decline from 12.3 MMT during the same period in the previous year. This slowdown in exports is partly a result of governmental interventions to regulate wheat prices.
Additionally, a robust wheat harvest has contributed to the stockpile. According to Rosstat, the wheat crop for the period was recorded at 92.7 MMT, surpassing the three-year average of 88.7 MMT. This bountiful harvest has been a key factor in bolstering Russia's wheat reserves to their current highs.
(By Commoditiescontrol Bureau; +91-9820130172)
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