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Russia: Beet sugar at risk of oversupply in CY 2018-19

platts.com, 26.06.18


Crop year 2018-19 will likely be another down year for the beet-sugar industry, according to a leading expert from the Institute of Agricultural Market Studies Evgeny Ivanov and reported by news agency Sugar.ru. Record sugar production in the last two seasons has caused pricing to collapse for both sugar and sugar beets, and there is no significant change in volumes expected. "Despite the urgent recommendation of the Ministry of Agriculture and the union to reduce the beet crop, [during crop year 2017-18] it was again sown a lot -- more than 1.13 million hectares," Ivanov said. The land area sown is 4% higher than the forecast from the Ministry of Agriculture and down 3.9% from CY 2016-17. Ivanov warned that if there is no significant change in production, that beet sugar pricing would fall even lower than during CY 2017-18. Total sugar yields are currently expected at 6.3 million mt for CY 2018-19, versus 6.5 million mt for CY 2017-18, amounts which far exceed Russian demand . "We invested up to 100,000 rubles per hectare for sugar beet production, but because of the fall in the price of sugar, last year saw practically zero profitability," according to Sergei Orobinsky, president of Agrotech-Garant. To support the sugar beet market, it is necessary to continue developing sugar exports, according to Ivanov. Current expectations are for an increase of over 50% to 500,000 mt in CY 2017-18, compared to 327,000 mt in CY 2016-17, according to the report.

Platts/Kingsman Daily Sugar News http://platts.com/commodity/agriculture/sugar



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