Russia, the world’s third-biggest wheat exporter last season, has the cheapest agricultural lands among six grain exporting regions analyzed by the SovEcon consultancy.
Russia’s most expensive agricultural land, in the southern Krasnodar region, can be bought for about $1,711 per hectare (2.47 acres), less than land in the U.S., the east or west of the European Union, Brazil and Argentina, according to market research from SovEcon.
The prices compare with an average $11,250 a hectare in France and Germany, $9,000 a hectare in the U.S. and Brazil, $7,000 in Argentina and $4,500 in eastern members of the EU, SovEcon said in its first farmland price survey.
The U.S., Argentina, EU, and Brazil are the first, second, fifth and seventh biggest exporters of grains respectively this season, while Russia is the ninth biggest, U.S. Department of Agriculture estimates show. Canada, Australia and Ukraine rank third, fourth and sixth, and India is eighth.