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Recent news reported frosts that damaged part of the sugar beet crop. As a result, there has been an active demand for sugar, causing its price to rise. Several regions have declared a state of emergency due to significant losses. However, caution is needed in assessing the announced scale of losses as declaring a state of emergency allows for insurance compensation and government subsidies to offset the losses. The actual extent of the damage will be clear in a few weeks. Aside from the frosts, agricultural problems are not limited to crops only, as the central region is experiencing cool weather, and the southern region of Russia is facing a lack of moisture.
A few months ago, the decrease in the Russian crop could have been a serious issue for neighboring countries. However, the sharp drop in global raw sugar prices from 27 cents to 19 cents per pound makes the transition to using processed imported raw sugar less painful.
Russia is experiencing a decrease in sugar exports to insignificant levels. Following the approval of export quotas, export volumes are expected to rise; however, the remaining sugar will be sufficient for both the current and the next season. The price of Russian sugar in the near future will depend on expectations for the next season's harvest and global prices while maintaining the current level of instability.
The calculated cost of white sugar obtained from raw sugar is $883.26 per ton (80.60 rubles per kilogram).
As of May 16, 2024, the price of sugar obtained from imported raw sugar in Uzbekistan is $717.8 per ton (56.84 rubles per kilogram in Krasnodar including delivery), excluding VAT and duties. In Kazakhstan, the price is $651.0 per ton (55.48 rubles per kilogram in Krasnodar including delivery), excluding VAT and duties.
According to Sugar.ru, the import of Belarusian sugar into Russia continues to decline in May. In the first half of the month, 6.9 thousand tons of Belarusian sugar were imported, while the entire April amounted to 18.4 thousand tons and March – 25.5 thousand tons.
According to Sugar.ru's estimates, the volume of white sugar exports by rail in the first half of May was 2.2 thousand tons. For all of April, it was 27.8 thousand tons, and in March – 87.2 thousand tons.
Transit of Belarusian sugar via the Russian railway since the beginning of May amounted to 5.7 thousand tons, which is half the amount compared to April.
In May, there was no export of Russian beetroot sugar-raw.
The transit of raw sugar in the first 15 days of May was 30.8 thousand tons per month. Shipments were made through ports in Russia, Georgia, and Latvia.
