Feb. 29 (Bloomberg) -- Russia’s exports of sugar made from domestically grown beets may reach 250,000 metric tons in the marketing year that ends on July 31, the Institute for Agricultural Market Studies said.
Ikar, as the institute is known, lowered the export forecast by 7.4 percent from Feb. 10’s estimate of 270,000 tons after the ruble strengthened and made Russian sugar less attractive for the country’s main buyers in the former Soviet republics. Consumers are opting more for Belarusian and European sugar, Evgeny Ivanov, an analyst at the consultancy, said in an e-mail today.
Russia’s beet-sugar exports reached 180,000 tons to date, Ikar said in an e-mailed statement today.
The ruble strengthened 3.6 percent this month and was at 29.0899 against the U.S. dollar by 6:01 p.m. in Moscow. The sweetener rose 17 percent to about 27 rubles (93 U.S. cents) a kilogram (2.2 pounds) this month, according to Ikar data.
Russia’s raw sugar imports are estimated to be at least 500,000 tons this season, Ivanov said. The first two ships carrying a total of 32,000 tons of raw sugar arrived and will be unloaded in March, he said.
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