Russian grain exports set to plunge to "Soviet levels" in 2025
Russia is close to losing its leading position in the global grain market for the first time in many years, with grain exports expected to decline by a third in 2025.
Source: The Moscow Times
Details: That's the prediction of the Russian Grain Union, a major industry association comprising nearly 300 agricultural organisations that account for 90% of national grain exports.
The Russian Grain Union estimates that next year, Russian farmers will sell 48-49 million tonnes of grain abroad, down from 72 million tonnes last year. Its president, Arkady Zlochevsky, said at a press conference that wheat exports could fall to 41-42 million tonnes, a drop of over 16 million tonnes, or 28%, compared to last year.
Grain exports are one of the Russian economy's primary sources of foreign currency earnings, bringing in US$15.5 billion in 2023. But they are plummeting rapidly. The ProZerno centre reports that volumes were down 42% year on year as of the end of January compared to the same month in 2024, with farmers exporting almost 2.5 million tonnes since the beginning of the month. Zlochevsky noted that there has always been a drop in January, "but never by half".
Grain exports are down following a harvest that was hit by bad weather and the government's decision to ban seed imports.
An additional blow to farmers was the grain export duties that have been in place since 2021. The result of the government's policy on agriculture will be a drop in harvests "to the Soviet level – rock bottom," Zlochevsky said.
Background: Kremlin leader Vladimir Putin is increasingly worried about the problems in Russia's war economy, just as Donald Trump is calling for an end to the war in Ukraine.
Support UP or become our patron!
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
Trump's first term shows why markets are cautious on the China trade deal
The stock market was largely unmoved by the trade agreement the US struck with China. Market pros say investors expect the trade war to unfold much as it did during Trump's first term. The US and China made scant progress on key issues in their 2018-2019 trade dispute. The stock market has been encouraged by easing tensions between the US and China in recent weeks, but investors were largely unmoved by the announcement of a trade deal between the superpowers on Tuesday. US stock futures failed to climb on news of the deal late Tuesday evening. While markets are edging higher on Wednesday, that's largely because the consumer price index report for May showed inflation was tamer than expected at 2.4% year-over-year. Here's where major indexes stood at 10:20 a.m. ET: S&P 500: 6,055.26, up 0.28% Dow Jones Industrial Average: 42,997.65, up 0.31% (+130.78 points) Nasdaq Composite: 19,788.36, up 0.37% On the trade front, observers say it's looking more likely that the trade war will shake out like it did during President Donald Trump's first term, with talk of constructive deals even as tensions remain elevated. Simply put, investors see a long and winding path ahead, and knee-jerk reactions to trade announcements have largely subsided since the chaos of "Liberation Day" in April. The framework agreement announced on Tuesday outlines how the two nations will continue trade talks. Importantly, it involves China allowing exports of rare earth minerals, while the US eases up on restrictions for exports of advanced tech to China, like semiconductors. This embedded content is not available in your region. The reaction is far more muted than how the market reacted last month, when stocks popped after the US struck a rough framework deal with China that lowered tariffs between the nations for 90 days. Art Hogan, the chief market strategist at B. Riley Wealth, told Business Insider that markets are reacting to trade talks similarly to when the US-China trade war first kicked off in 2018. He pointed to regular pullbacks in stocks during Trump's first term as traders digested the lack of progress in US-China negotiations. "We still have that muscle memory from Trump 1.0, that dealing with China is difficult and there's a multitude of issues," Hogan said. "I don't think we're going to solve this in short order and likely never solve it in the longer term." He added that markets are likely waiting for a more positive catalyst, pointing to more than 100 nations that have yet to strike a trade deal with the US. Peter Berezin, the chief global strategist at BCA Research, said the framework made only small progress on negotiations with China. "I would say that the 'deal' in London simply restores things to how they were right after Geneva," he told BI in an email. He added that he expected tariffs on China to remain high "for the foreseeable future." Strategists at Deutsche Bank also said that tariff talks appear to mirror the 2018-2019 period, when the US and China didn't make much headway in resolving key issues. Back then, the US said that China had unfair trade practices related to industries like agriculture and manufacturing. It also said China had unfairly transferred technology and stolen intellectual property from the US. Deutsche Bank pointed out that the agreement announced Tuesday skipped over fentanyl-related tariffs that Trump implemented against China earlier this year. "So while the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19," strategists wrote. "So there's perhaps a little disappointment this morning that we haven't yet got a bigger announcement." The agreement also appeared to lack detail that markets were looking for, David Morrison, a senior market analyst at Trade Nation, wrote in a note. "The big question is what kind of trade deals can the US negotiate that will be good enough to get the indices to fresh records?" he said. US stocks have whipsawed this year amid the turmoil surrounding tariffs and incremental news of trade agreements between the US and other countries. Indexes have erased their steep losses since the April 2 tariff announcements, with major averages now positive year-to-date. Read the original article on Business Insider


Bloomberg
22 minutes ago
- Bloomberg
Group of Seven Tries to Avoid Trump Conflict by Scrapping Joint Communique
Group of Seven nations won't try to reach consensus on a joint communique at next week's leaders summit in Canada, people familiar with the matter said, an acknowledgment of the wide gulf that separates the US from the other members on Ukraine, climate change and other issues. In place of a single document, G-7 leaders are likely to release standalone joint leaders' statements on various topics, according to the people, who asked not to be identified discussing private deliberations.
Yahoo
23 minutes ago
- Yahoo
Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning Report
VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce that it has acquired 15,037,593 common shares (the 'Shares') of Awalé Resources Limited ('Awalé), a TSX Venture Exchange listed mineral exploration company which is currently advancing its 100 percent-owned properties at the Odienné Project in Côte d'Ivoire. 'Awalé's Odienné Project represents a compelling opportunity for Fortuna in Côte d'Ivoire,' said Paul Weedon, SVP Exploration of Fortuna. 'Our experienced in-country exploration team is well positioned to help advance discoveries through to production. Awalé has built a strong presence in this emerging district and, through their capable and active team, developed a solid geological understanding across the portfolio. We look forward to supporting exploration across Awalé's 100 percent-owned properties at the Odienné Project with the benefit of their insights.' Mr. Weedon concluded, 'This investment strengthens Fortuna's exploration pipeline in Côte d'Ivoire and is aligned with our long-term growth strategy.' The Shares were acquired pursuant to a non-brokered private placement transaction at a cost of US$0.399 per Share (CAD$0.55 per Share) for gross proceeds of US$6,000,000 (CAD$8,264,999). Prior to this acquisition, Fortuna owned no shares of Awalé, and following the acquisition, Fortuna owns approximately 15 percent of Awalé's issued shares. The Shares were acquired for investment purposes. Fortuna may acquire additional securities of Awalé or dispose of its existing securities of Awalé on the basis of Fortuna's assessment of market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities regulatory requirements. Fortuna's early warning report has been filed and is available for viewing on SEDAR+, and a copy of the report may also be obtained by emailing info@ or by contacting the Corporate Secretary at +1.604.484.4085. In connection with the investment, Fortuna has entered into an investor rights agreement (the 'Investor Rights Agreement') with Awalé. Under the terms of the Investor Rights Agreement, Fortuna has been granted, among other things, (i) pre-emptive rights to maintain its interest in Awalé through participation in future equity financings of the Company and (ii) top-up rights to purchase additional shares in order to maintain its interest in Awalé. Fortuna will have such investor rights for so long as it holds a 10% or greater interest in Awalé (calculated in accordance with the terms of the Investor Rights Agreement). About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). All statements included herein, other than statements of historical fact, are forward-looking statements, including, without limitation, the Company's business strategy, plans and outlook, statements regarding the possible future acquisition or disposition by the Company of securities, and statements regarding exploration plans in respect of the Odienné Project. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the financial year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to, expected trends in mineral prices and currency exchange rates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. PDF available: in to access your portfolio