IKAR analysts do not expect price growth for buckwheat, rice and oatmeal in Russia in the near future
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Buckwheat, rice and herculean flakes will not rise in price in the coming months, the cost of products of some brands may decrease. Prices for millet groats may continue to grow in the future. This follows from the final review Institute for Agricultural Market Studies (IKAR).
IKAR recalled that in March-April prices for buckwheat reached historical highs against the backdrop of the political situation in the world, in May they began to decline. “Over the next few months, prices for buckwheat will most likely be at a relatively stable level, with a slight downward trend. The pressure on prices will be exerted by a very high gross harvest of buckwheat and, as a result, a high saturation of the market with groats,” the IKAR review says.
According to them, the cost of rice should also not change in the short term. From February to March, the cost of cereals increased by 34.5%. “The market entered the new season with significant reserves. Although the gross harvest has decreased, it is still sufficient for the needs of the domestic market,” the material says. They added that in the future, the cost of rice will depend on the performance of imports and export regulation.
The IKAR added that oatmeal prices rose by just 9.5% this spring, but quickly returned to normal levels. According to their expectations, the cost of these cereals will not change.
IKAR noted that in recent months, the cost of millet began to grow slightly. They added that this year the area sown with millet has decreased, the total harvest of cereals may be less than the results of 2021. “The high saturation of the market with both millet itself and other cereals will counteract any significant increase in its price, at least in the first weeks or months of 2023,” the report says.
By data Rosstat, for the week from December 20 to December 26, 2022, the cost of buckwheat decreased by 1.1%, rice – 0.3%. Since the beginning of the year, prices in the country have increased by 12%.
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