Buckwheat Prices Likely To Rise In Ukraine
Date
7/18/2024 5:28:14 AM
(MENAFN- UkrinForm) The new-harvest buckwheat prices are expected to increase in Ukraine.
The relevant statement was made by the Department for Agro-Industrial Development and Economic Policy at Zhytomyr Regional Military Administration in a commentary to Ukrinform.
“In 2022, according to the data from the State Statistics Service, the price of buckwheat was UAH 23,805 per tonne. In 2023, it was around UAH 10,000 per tonne. Such a price not only fails to cover the production costs but also causes UAH 5,000-7,000 per tonne in losses. The main reason for last year's decline in buckwheat prices was a traditional market factor – a significant increase in the supply resulted in negative price dynamics. Meanwhile, the price of buckwheat harvested in the current year is likely to increase, but it will also be determined by the market conditions,” the report states.
In 2024, buckwheat plantations across the region cover a total of 15.6 thousand hectares, which is 5 thousand hectares less compared to the previous year. The decline in crop fields resulted from the low procurement price of buckwheat.
Due to the adverse weather conditions, namely frost, farmers from the Zhytomyr region began to sow buckwheat a little later than usually this year. Now, buckwheat crops are blooming, and their condition has been estimated as relatively good.
In terms of buckwheat production volumes, the Zhytomyr region had been ranked first for five years in a row. As estimated, the gross yield of buckwheat is expected to be around 18 thousand tonnes this year, which is enough to meet the region's needs and supply the harvest to other regions and for export purposes.
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