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Russia- Stocks fall 1.861 mil mt in first half of 2018: data

Platts/Kingsman, 26.07.18

Cumulative sugar reserves at Russian mills fell 1.861 million mt during the first half of 2018, according to data from Rosstat, the Russian statistical agency, reported by Interfax. The rate of drawdown in stocks accelerated from 1.815 million mt in the same period a year earlier, according to the report. At the end of December 2017, inventories totaled 2.415 million mt.

However, at the end of June, mill reserves were 554,000 mt, some 60,000 mt more than at the same point last year, according to the report. Observers believe prices will hold firm despite the surplus accumulated in past years. "It is very likely that beet harvesting and processing will be delayed for one to three weeks, especially in the south of Russia," said the Russian Institute for Agricultural Market Studies' Evgeny Ivanov. "The market will finally be able to master the level of reserves. It will support wholesale prices for sugar from excessive seasonal fall in August-December 2018," he added. Ivanov is currently projecting the market will receive 6 million mt of new supply, compared with annual demand of 6.12 million mt, according to the report.

Platts/Kingsman Daily Sugar News

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