Buckwheat in Russia: Prices Fall for the Second Year in a Row

In Russia, buckwheat prices continue to fall for the second year in a row. According to the Chek Index study, the median price per kilogram of buckwheat is 81 rubles, which is 3% lower than a year ago. This decline is due to record harvests and significant product reserves.

Demand for buckwheat is also showing growth: the number of purchases has increased by 5% compared to last year. Analysts explain the price decline by a combination of high supply due to the harvest and significant reserves. Against the backdrop of falling buckwheat prices, the Federal Antimonopoly Service (FAS) reminded retail chains of the inadmissibility of pressuring suppliers. In particular, after the abolition of rewards for the sale of chicken eggs, retailers began to demand a 5% reduction in purchase prices and reduce purchase volumes.

According to Rosstat, about 1.5 million tons of buckwheat were harvested in Russia in 2023, which is 10% more than in 2022. This contributed to an increase in stocks and a decrease in prices on the domestic market. In addition, according to the Russian Ministry of Agriculture, buckwheat exports in 2023 increased by 15% compared to the previous year, indicating an increase in the competitiveness of Russian products on the international market.

In general, the decrease in buckwheat prices in Russia is due to record harvests, an increase in stocks and an increase in demand. FAS continues to monitor the situation in order to prevent possible pressure on suppliers from retail chains and ensure price stability for consumers.

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Buckwheat in Russia: Prices Fall for the Second Year in a Row

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