Russian beet-sugar production in the coming season will be lower than forecast in June after a drought last year prompted farmers to switch to other crops, the Institute for Agricultural Market Studies said.
Russia, which started beet-sugar exports last year, will reduce domestic output of the sweetener to 4.4 million to 4.7 million metric tons due to a weaker crop this season, the Institute for Agricultural Market Studies said.
Russia may have to import raw sugar in the current crop year after mills were unable to process enough beets from a record harvest to meet local demand, according to the Institute for Agricultural Market Studies.
Russia’s beet-sugar exports are seen declining to 120,000 metric tons or less in the season started Aug. 1 because consumers are switching to lower-priced European supplies, the Institute for Agricultural Market Studies said.
OAO Polyus Gold, Russia’s biggest gold mine operator, said it plans to go ahead with a reverse takeover of the company by its U.K.-listed KazakhGold Group Ltd. unit even as Kazakh regulators canceled an earlier approval.