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E-Malt.com Newsletter 09a
February 26 - February 28, 2024
Quote of the Week
Anyone can drink beer, but it takes an intelligence to enjoy beer.
Stephen Beaumont
Currency Rates
Base Currency: US Dollar
on February 28, 2024 |
Base Currency: Canadian Dollar
on February 28, 2024 |
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1 USD = 0.9216 EUR
1 USD = 0.7884 GBP
1 USD = 1.3510 CAD
1 USD = 1.5278 AUD
1 USD = 150.4080 JPY
1 USD = 4.9609 BRL
1 USD = 91.7338 RUB
1 USD = 7.1970 CNY
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1 CAD = 0.7401 USD
1 CAD = 0.5835 GBP
1 CAD = 0.6821 EUR
1 CAD = 1.1308 AUD
1 CAD = 111.3180 JPY
1 CAD = 3.6716 BRL
1 CAD = 67.8927 RUB
1 CAD = 5.3265 CNY
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Currency Rates Chart
Equities of the Largest Breweries
Japan & USA: Asahi Group on the hunt for acquisition targets in the US and elsewhere
...Click here
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USA, MA: Boston Beer shares plummet on earnings miss, weak guidance
...Click here
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USA, NJ: Kings Road Brewing Co. proposes to open new brewery in Moorestown
...Click here
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Canada: Brewers asking government to refrain from increasing beer excise
...Click here
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USA, MS: Altered Reality Brewing starting to take shape in downtown Biloxi
...Click here
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USA, TX: Elder Son Brewing buys Southern Yankee Beer Company’s facility near George Bush Intercontinental Airport
...Click here
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USA, PA: University City’s first Black-owned Two Locals Brewery now open full time
...Click here
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USA, TX: Molson Coors continues making beer at striking plant
...Click here
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USA, MI: Silver Spruce Brewing Company coming to Traverse City’s west side
...Click here
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USA, CA: New Bohemia Brewing Co. shutters its doors in Santa Cruz
...Click here
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World: Craft beer market size reaches USD130.4 billion in 2023, projected to more than double by 2032
...Click here
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UK: Crisp Malt submits plans for a new malting in Scotland
...Click here
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New Zealand: Demand for beer experiences noticeable decline in 2023
...Click here
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World: AB InBev shares gain on positive Deutsche Bank survey
...Click here
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Malaysia: Heineken Malaysia sees Q4 2023 net profit fall 5.3%
...Click here
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China: Chinese buyers return to market after a long holiday
...Click here
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India: Pernod Ricard to set up malt distillery in Nagpur
...Click here
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World: Carlsberg targets supply chain as key driver of its ambitious sustainability goals
...Click here
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Kenya: More Kenyans may find it cheaper to buy beer in Tanzania and Uganda
...Click here
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Ukraine: Barley exports since the beginning of 2023/24 MY fall 23%
...Click here
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South Africa: Heineken invests in returnable bottle programme in South Africa
...Click here
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Russia: Russian grain exports continue to grow despite recent implementation of export quota
...Click here
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Graph of the Week
Table of the Week
Asia Barley Imports, Production, Consumption, and Stocks
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
26 February
1848 - 2nd French Republic proclaimed
1907 - Royal Oil and Shell merge to form British Petroleum (BP)
1993 - World Trade Center bombing
1995 - Barings Bank, one of the oldest and most distinguished investment banks in the world, declares bankruptcy
27 February
1557 - 1st Russian Embassy opens in London, Russia and U.S. sign trade agreement
1990 - Exxon Corp and Exxon Shipping are indicted on 5 criminal counts
1998 - Apple discontinues developing Newton computer
28 February
1956 - Forrester issued a patent for computer core memory
1982 - American Telephone and Telegraph Co. looses record $7 BILLION for fiscal year ending on this day
1986 - European Economic Community sign "Special Act" for Europe free trade
Agenda
March 2024:
05 - 08: The 12th RMI Conference (Rome, Italy)
12 - 14: ExpoAntad 2024 (Guadalajara, Mexico)
13 - 15: 108 International Brewing & Engineering Congress 2024 (Groningen, the Netherlands)
13 - 14: BeerX 2024 (Liverpool, UK)
21 - 23: Warsaw Beer Festival 2024 (Warsaw, Poland)
22 - 23: InnBrew 2024 (Barcelona, Spain)
22 - 24: St Malo Craft Beer Expo 2024 (St Malo, France)
22 - 24: Barcelona Beer Festival 2024 (Barcelona, Spain)
April 2024:
06 - 08: Planete Biere 2024 (Paris, France)
11 - 13: KIBEX 2024 (Seoul, South Korea)
21 - 24: Craft Brewers Conference & BrewExpo America 2024 (Las Vegas, USA)
24 - 24: World Beer Cup 2024 (Las Vegas, USA)
27 - 28: Zythos Beer Festival 2024 (Kortrijk, Belgium)
May 2024:
14 - 16: International Beer Strategies Conference 2024 (Porto, Portugal)
20 - 26: Budapest Beer Week 2024 (Budapest, Hungary)
24 - 26: Cerveza Mexico Expo 2024 (Guadalajara, Mexico)
24 - 26: Mondial de la Biere 2024 (Montreal, Canada)
26 - 30: The Brewers of Europe Forum 2024 (Lille, France)
30 - 01 June: Craft Beer China 2024 (Shanghai, China)
June 2024:
06 - 09: Wiener Bierfest 2024 (Vienna, Austria)
11 - 13: Brasil Brau 2024 (Sao Paulo, Brazil)
14 - 15: Tallinn Craft Beer Weekend 2024 (Tallinn, Estonia)
August 2024:
08 - 10: VIETFOOD & BEVERAGE - VIETNAM 2024 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
17 - 20: World Brewing Congress 2024 (Minneapolis, Minnesota)
23 - 24: Beervana 2024 (Wellington, New Zealand)
September 2024:
12 - 14: Stockholm Beer & Whisky Festival 2024 (Stockholm, Sweden)
14 - 15: Bruges Beer Festival 2024 (Bruges, Belgium)
21 - 06 October: Oktoberfest 2024 (Munich, Germany)
28 - 30: Whisky Live Paris 2024 (Paris, France)
October 2024:
03 - 04: Brew Asia 2024 (Suntec Convention & Exhibition Centre, Singapore)
23 - 25: Drink Technology India 2024 (Bombay Exhibition Centre, Mumbai, India)
28 - 31: China Brew 2024 China Beverage 2024 (Shanghai, China)
November 2024:
22 - 22: Drink Japan 2024 (Makuhari Messe, Japan)
26 - 28: Brau Beviale 2024 (Nuremberg, Germany)
News Articles
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Japan & USA: Asahi Group on the hunt for acquisition targets in the US and elsewhere
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Japan's Asahi Group Holdings is on the hunt for acquisition targets in the United States and elsewhere to quadruple overseas sales of its flagship
...More info on site
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USA, MA: Boston Beer shares plummet on earnings miss, weak guidance
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Shares of The Boston Beer Company, Inc. plummeted 11.16% in aftermarket trading following the release of its fourth quarter financial results, which fell short of Wall Street expectations. The company reported an adjusted fourth-quarter loss per share of $1.49, significantly below analysts' projections of a $0.34 loss. Revenue also came in lower than anticipated at $393.72 million, missing the consensus estimate of $413.77 million, Investing.com reported on February 27.
The brewery's fourth-quarter performance was marred by a 12% year-over-year (YoY) decrease in net revenue, which the company partly attributed to a $5.1 million international sales tax adjustment. When adjusted for a comparable 13-week period, revenue declined by 3.1%. Depletions, a measure of distributor sales to retailers, dropped by 9%, or 1% on a 13-week comparable basis, primarily due to declines in the Truly Hard Seltzer brand, although this was partially offset by increases in Twisted Tea and growth in Samuel Adams Non-Alcoholic styles and Dogfish Head Canned cocktails.
Boston Beer's full-year results also reflected challenges, with net revenue for 2023 down 3.9% to $2.009 billion compared to the previous year. The company's gross margin for the quarter improved slightly by 60 basis points to 37.6%, benefiting from price increases and procurement savings,
...More info on site
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USA, NJ: Kings Road Brewing Co. proposes to open new brewery in Moorestown
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Kings Road Brewing Co. of Haddonfield proposes to open in 2026 Moorestown's first microbrewery — in a long-vacant swimming pool at the Community House, Courier-Post reported on February 24.
In addition, students from Rowan College of Burlington County will study brewery sciences in classrooms created near the pool area.
The project is expected to tap the benefits that microbreweries bring to downtown areas, said Burlington County Commissioner Daniel O'Connell.
“They create jobs, generate economic activity and become fun and attractive gathering spots for friends and families,” he said.
“I am confident this can be another amazing asset for Main Street," added Moorestown Mayor Nicole Gillespie.
The project will require an investment in building improvements of about $1 million for the nonprofit Community House. It has launched an online fundraising drive to reach that goal.
Kings Road Brewing expects to spend "north of $1 million" for its venture, said Bob Hochgertel, the firm's co-owner.
Kings Road has occupied a spot in Haddonfield's business district for almost five years.
"We've been wanting to come to Moorestown," said Hochgertel, noting similarities between the two communities.
Moorestown's council in 2021 approved a measure that permits microbreweries in the once-dry town.
The four-lane pool dates to the center's construction in 1926.
It closed about five or
...More info on site
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Canada: Brewers asking government to refrain from increasing beer excise
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Canada’s brewers are asking the federal government to refrain from punching an industry that is already on the ropes, Sasktoday.ca reported on February 23.
They want Ottawa to reconsider its looming 4.7 percent increase in the beer excise tax scheduled to take effect April 1. It would be yet another jab to an already reeling domestic beer sector, said Peter Watts, managing director of the Canadian Malting Barley Technical Centre.
The excise tax increase is tied to the inflation rate. That was manageable in periods of normal inflation but in today’s environment it is resulting in hefty annual increases, he said.
Last year’s rate increase was supposed to be 6.3 percent, but Ottawa took pity on the sector, capping it at two percent just before the April 1 budget announcement.
Beer Canada is calling for either a pause in the excise tax or another two percent cap in 2024.
The Canadian Craft Brewers Association (CCBA) is going a step further. It wants a 50 percent reduction in the excise tax for Canadian brewers with up to 500,000 hectolitres of production. (There are 100 litres in a hectolitre.)
Watts said Canada’s craft brewers, who are responsible for 24 percent of all the beer produced in Canada, have
...More info on site
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USA, MS: Altered Reality Brewing starting to take shape in downtown Biloxi
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A new craft brewery is starting to take shape in downtown Biloxi, WLOX reported on February 27.
Co-owners Jason Weaver and Michael Massey of Altered Reality Brewing met during a festival when Weaver asked Massey what type of beer he was drinking.
After trying and loving the beer, Massey invited Weaver over to start the process of making beer together.
“It took us a little while,” Weaver said. “We entered a few competitions. We won a few of them as a home brewery against actual breweries. And the name came. This is a passion of ours. What if we can turn a passion into a reality? What if we can alter our reality?”
After crafting the plan, the next stop was location planning.
“Jason and I had several discussions of location,” Massey said. “We saw a lot of growth potential, particularly in the downtown Howard Avenue area. And Jason happened to be driving by and saw the building and we fell in love with the area.”
Stage three of the plan is now in play. Altered Reality gave WLOX News a breakdown of how they make their award-winning brews.
“Each one of these vats is 3.5 barrels or a little over 100 gallons,” Massey explained. “So at
...More info on site
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USA, TX: Elder Son Brewing buys Southern Yankee Beer Company’s facility near George Bush Intercontinental Airport
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A small Houston brewery is growing about three times as large after buying out another area beer-maker. Elder Son Brewing, which runs a brewery and taproom in Houston Heights, has purchased Southern Yankee Beer Company’s facility near George Bush Intercontinental Airport, Chron reported on February 27.
In the purchase, which was announced Monday after it closed around 11 a.m., Elder Son will move all production to the former Southern Yankee space at 930 FM 1960 in North Houston. Elder Son will increase production from 46 barrels to about 120 barrels, opening up more distribution opportunities for the brewery that opened at 946 Shepherd Dr. in October 2021.
Elder Son owner and head brewer Robert Frye said the process came together in about three weeks and will allow the brewery’s operations to grow organically.
“As far as all the beer I send out, we haven’t been able to keep up in the last eight months,” Frye said. “And with rising costs, you still have a ceiling for what you can charge through the taproom, and you want to maintain your margin through the taproom.”
Currently Elder Son distributes its beer—primarily IPAs and easy-drinking lagers—via its Heights taproom and local bars and restaurants. With the new
...More info on site
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USA, PA: University City’s first Black-owned Two Locals Brewery now open full time
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Two Locals Brewery opened full time on Jan. 31 as the first Black-owned brewery in University City, The Daily Pennsylvanian reported on February 25.
The brewery — located at 37th and Market streets — is owned by Richard and Mengistu Koilor, two brothers who were both raised in West Philadelphia. The pair spoke with The Daily Pennsylvanian about their intentions behind the brewery, their decision to open a location in University City, and their plans for the future.
The Koilor siblings started brewing in their home as a hobby in 2018 and launched their first two beers in March 2021. Throughout the process of starting Two Locals Brewery, the pair realized that very few Black-owned breweries exist in Philadelphia and the greater Pennsylvania area.
Black brewers currently make up 1% of the total numbers of brewers in the United States, according to the Brewer's Association. Mengistu Koilor described this lack of Black representation as "even more motivation to get this place open.”
The brothers also described their decision to locate the store in West Philadelphia as “very deliberate.”
“It’s a cool feeling to be able to plant some roots here and make our mark on the city that made us," Richard Koilor
...More info on site
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USA, TX: Molson Coors continues making beer at striking plant
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Molson Coors is proceeding with production of beer products at its Forth Worth, Texas brewery — with the help of salaried workers and other employees — despite 420 workers being on strike earlier this week, Yahoo Finance reported on February 23.
At the Consumer Analyst Group of New York conference in Boca Raton, Florida on February 21, Molson Coors CEO Gavin Hattersley said the company was not able to reach a deal with the Fort Worth-area Teamsters union despite negotiations. The CEO told attendees the company feels good about its prospects for handling the strike, as it had a “very comprehensive” contingency plan it had ready to roll out.
“We packaged beer. We brewed beer. We delivered beer. And in fact, we actually delivered a little more than our contingency plan actually suggested we should. So the brewery is off to a great start. We've got five other breweries that we can shift volume to if we need to,” Hattersley said.
Tracey Joubert, the beverage giant’s chief financial officer, added that the impact of the strike is “immaterial right now.”
As the maker of Coors Light and Blue Moon deals with the impact of the strike, an even larger one could be on the
...More info on site
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USA, MI: Silver Spruce Brewing Company coming to Traverse City’s west side
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A new brewery is coming to the west side of Traverse City as Silver Spruce Brewing Company prepares to open a second location near Francisco’s Market & Deli, The Ticker reported on February 23.
Silver Spruce is leasing space from Francisco’s at the far end of the market’s commercial building on Silver Lake Road to open a new taproom. The project will bring a second Silver Spruce location to Traverse City along with the brewery’s current home on Eighth Street. Silver Spruce co-owner Scott Stuhr says the new venue offers more than 2,000 square feet of bar and tasting room space, plus production capacity. Silver Spruce still plans to keep its primary brewing operations on Eighth Street – where it will produce most of its flagship beers, which will also be for sale on Silver Lake Road – but will have some brewing operations at the new facility, allowing for some special varietals and one-offs there.
“Our business model is in-house – we don’t distribute much, and we’re not trying to grow to be a distribution brewery,” explains Stuhr. “So if we were to expand, this (a new location) is the only way that we’re interested in expanding.”
For Francisco’s Market & Deli
...More info on site
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USA, CA: New Bohemia Brewing Co. shutters its doors in Santa Cruz
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The brewery and taproom New Bohemia Brewing Co., also known as NUBO, has shuttered its doors, the Santa Cruz Sentinel reported on February 27.
Co-founder and brewmaster Dan Satterthwaite announced the closing on Instagram late last week, and included the fact he has brewed more than 100 different lagers and ales during the brewery’s nearly-nine-year tenure.
He expressed gratitude for the wonderful support from the community, great staff, and lots of good memories.
Satterthwaite also wrote, “My children are my focus of the future. Time is too short, and they will soon be creating their own destiny. I just want to share as much time as I can loving and laughing with them before they make their own way.”
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World: Craft beer market size reaches USD130.4 billion in 2023, projected to more than double by 2032
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The global craft beer market size reached USD130.4 billion in 2023 and could reach USD293.4 billion by 2032, driven by a robust compound annual
...More info on site
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UK: Crisp Malt submits plans for a new malting in Scotland
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Plans have been submitted for a new state-of-the-art maltings at Portgordon, the Northern Scot reported on February 27.
Portgordon Maltings, part of premium malt manufacturer
...More info on site
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New Zealand: Demand for beer experiences noticeable decline in 2023
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In data released on February 27 from Statistics New Zealand on the volume of alcohol available for consumption for the year ending December 2023,
...More info on site
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World: AB InBev shares gain on positive Deutsche Bank survey
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On Monday, February 26 AB InBev SA received a positive mention from Deutsche Bank after a survey indicated an improvement in Bud Light sales
...More info on site
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Malaysia: Heineken Malaysia sees Q4 2023 net profit fall 5.3%
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Heineken Malaysia Bhd’s net profit fell 5.3% to RM99.1 million for the fourth quarter ended Dec 31, 2023 (Q4 FY2023) from RM104.6 million a year ago on weaker sales.
Quarterly revenue dropped 8% to RM728.6 million versus RM791.7 million in Q4 FY2022. This was due to lower sales arising from weak consumer sentiment driven by rising cost of living and macroeconomic concerns, according to Heineken’s filing with Bursa Malaysia on February 27.
For FY2023, the brewer’s net profit fell 6.3% to RM386.8 million from RM412.82 million previously. Revenue decreased 7.6% to RM2.64 billion from RM2.86 billion in FY2022.
The group declared a final dividend of 88 sen per share, raising its total payout for FY2023 to RM1.28. This was 10 sen lower than the RM1.38 it paid out in FY2022.
Heineken Malaysia managing director Roland Bala said 2023 was a challenging year with the market experiencing corrections following the strong rebound observed in 2022.
“Despite the challenging environment, we continued to execute and deliver our EverGreen strategy to drive premium growth with a consumer-first mindset, whilst accelerating digitalisation, developing our talents, and making progress towards our sustainability ambitions,” he said.
Under the EverGreen strategy, Heineken intends to focus on cost optimisation, brand investments and technological advancements
...More info on site
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China: Chinese buyers return to market after a long holiday
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Chinese buyers have returned to the market after a long holiday, showing firm demand for optional origin barley and Ukrainian corn, with several trades
...More info on site
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India: Pernod Ricard to set up malt distillery in Nagpur
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Spirits company Pernod Ricard India on February 23 signed a Memorandum of Understanding (MoU) with the government of Maharashtra to establish a malt distillery in Nagpur, the Business Standard reported.
The company said that it plans to invest up to Rs 1,800 crore (€ 200 million) for this in the decade.
The distillery, one of the biggest in India, will have a capacity of up to 60,0000 litres per day and 13 million litres annually. With this project, the company eventually aims to procure up to 50,000 tonnes of barley on an annual basis from farmers nationwide to produce malt spirits Longitude 77, Blender’s Pride and Royal Stag. “We are excited to announce the launch of one of India’s biggest malt spirit distilleries, to be set up in Nagpur. This initiative is in continuation of our dedicated efforts to Make and Innovate in India and we are confident that it will elevate India's standing on the global map, as a key player in the production of high-quality malt,” said Jean Touboul, chief executive officer, Pernod Ricard India, in a press release. The company aims to ultimately employ a workforce of up to 700 to 800.
“The foundation
...More info on site
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World: Carlsberg targets supply chain as key driver of its ambitious sustainability goals
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Carlsberg is targeting procurement and sourcing as key drivers of its ambitious sustainability goals, the Supply Chain Digital reported on February 25.
“We've made steady year-on-year progress across all 11 focus areas in our sustainability programme," says Simon Boas Hoffmeyer, Senior Director, Sustainability & ESG at Carlsberg Group.
He said this includes taking first steps in our newer areas of focus, including:
• A power-purchase agreement to source renewable electricity from new assets in Lithuania
• Establishing projects with NGOs to replenish water in areas of high water-risk in Cambodia, China, India, Laos
• Using regeneratively grown barley in its brewing operations in Finland, France and the UK.
"Partnerships are key to our success as we continue to deliver on our ambitions,” says Hoffmeyer.
The company's Together Towards ZERO and Beyond (TTZAB) programme targets and commitments were launched in August 2022, to address the ESG issues impacting Carlberg's business, stakeholders and wider supply chain partners.
Better transparency and accountability across its value chain is a key strategy for achieving the goals of the TTZAB programme.
Hoffmeyer adds: "We are optimistic about our work, yet remain aware we have a lot of work to do around our targets in 2030 and 2040.
"We have ambitious targets and commitments, and our journey is
...More info on site
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Kenya: More Kenyans may find it cheaper to buy beer in Tanzania and Uganda
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More Kenyans living in border points may find it pocket-friendly to cross into Tanzania and Uganda for a beer after the two countries slashed the price of excise stamps, one of the cost components of the beverage, The East African reported on February 25.
Tanzania last month lowered the excise stamps affixed on excisable goods including beer and spirits, pushing down the cost of producing a tipple.
This is the second time Tanzania has lowered the price of excise stamps, even as Kenya plans to double the price in what is aimed at helping the Kenya Revenue Authority (KRA) offset a Ksh4.5 billion ($30.72 million) the taxman owes Siscpa, the Swiss company contracted to manufacture the stamps.
On February 5, 2024, the Tanzania Revenue Authority (TRA) published new lower electronic tax stamp prices.
“In accordance with Regulation 6(2) of the Electronic Tax Stamps Regulation, 2018 the Commissioner-General of Tanzania Revenue Authority wishes to announce new prices (fees) for tax stamps following the successful completion of negotiations involving TRA, Confederation of Tanzania Industries and the vendor Siscpa SA,” reads the notice signed by TRA Commissioner-General Alphayo Kidata.
“Manufacturers, producers, and importers of excisable goods listed in the First Schedule of the Electronic Tax Stamps Regulation
...More info on site
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Ukraine: Barley exports since the beginning of 2023/24 MY fall 23%
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The volume of exports of grains and pulses from Ukraine in 2023/24 MY as of February 23 amounted to 28.15 mln tonnes. This is down 2.6 mln tonnes, or 9% compared to the same period last season. This is evidenced by the data of the State Customs Service, published by the Ministry of Agrarian Policy and Food of Ukraine.
Thus, since the beginning of the season, 11.1 mln tons of wheat have been shipped, which corresponds to last year’s volumes.
Barley supplies to foreign markets amounted to 1.56 mln tons, which is 23% less than last year.
Rye was shipped in the amount of 1 thousand tons (-94%).
Ukraine exported 15.2 million tons of corn, down 2.4 million tons, or 13%, from the same date last season.
Ukraine exported 72.8 thsd tonnes of flour, down 21 thsd tonnes or 23% y-o-y.
For reference: in 2022/23 MY, the exports of grains and legumes totaled 49 mln tonnes: wheat – 16.8 mln tonnes, barley – 2.7 mln tonnes, rye – 18 thsd tonnes, corn – 29.1 mln tonnes, flour – 153.6 thsd tonnes.
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South Africa: Heineken invests in returnable bottle programme in South Africa
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Multinational beer producer Heineken has invested R2.3-billion in its returnable bottle programme in South Africa, more than doubling its share of returnable glass beer bottles, as part of its goal to move to 65% returnable glass bottles, Engineering News reported on February 27.
The move towards increased returnable glass aligns with its global ambition of net-zero carbon by 2040 as per the company's Brew a Better World strategy.
Heineken beer has the same bottle design in 190 countries worldwide. However, the brewer will break with tradition and unveil a new design for its returnable bottle in South Africa, which is a change not made anywhere else in the world.
The newly designed 650 ml returnable bottle, called the Star Bottle, features the iconic Heineken star on its body, along with the Heineken name deep-etched into the glass.
Alongside the launch of its returnable bottle, Heineken will be opening several Heineken Green Zones, which are a collection of open parks and meadows complemented by food and flower gardens, as well as creative arts spaces in communities across the country, including Phillipi, in Cape Town; and Eldorado Park and Lawley, in Johannesburg.
“This initiative aims to promote sustainability-driven behaviours within communities and provide essential recreational areas that
...More info on site
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Russia: Russian grain exports continue to grow despite recent implementation of export quota
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According to monitoring data from the Russian Grain Union, grain exports from Russia continue to grow despite the recent implementation of an export quota, which came into effect on February 15, Interfax reports.
As Elena Tyurina, director of the RGU analytical department, noted, in the period from February 15 to 25, shipments of the main types of Russian grains increased by 23.5% y-o-y and amounted to 1.87 mln tonnes.
“Including wheat – by 17.3%, to 1.478 mln tonnes, barley – almost 2.2 times, to 192 thousand tonnes. Corn shipments, which had been declining until the middle of this month, increased by 20.7% after February 15 and amounted to 200 thousand tonnes,” the expert said.
In total, in the first half of February, 2.097 mln tonnes of wheat were shipped for export (+30%), and 2.5 mln tonnes of other main grain crops (+22.5%). According to E. Tyurina, before the start of the quota (from July 1, 2023), 42.7 mln tonnes of main types of grain were exported, including 35.35 mln tonnes of wheat, 4.2 mln tonnes of barley and 3.16 mln tonnes of corn.
“The pace of exports became the basis for increasing its forecast for the current season to 67 mln tonnes, of
...More info on site
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