The leadership of the Canadian company Viterra, one of the largest Western suppliers of Russian grain, plans to leave the domestic market of the Russian Federation after the American food company Cargill. In this respect informs Bloomberg agency, citing the source.
March 29 edition of the RBC with reference to Oksana Lut, Deputy Minister of Agriculture of the Russian Federation reportedCargill Corporation’s subsidiary in Russia will stop grain exports from Russia in the future agricultural year 2023/2024 (from July 1, 2023 to June 30, 2024). This decision was taken in line with the recommendations of the Ministry of Agriculture. At the same time, the Ministry of Agriculture sureThe departure of Cargill from the Russian market will not have negative consequences for the supply of grain from the Russian Federation to foreign countries.
“Cargill Inc., the two largest Western suppliers of Russian grain. and Viterra is withdrawing from the export market, giving local firms more control over supply. Backed by Glencore, Viterra plans to withdraw from the Russian export market and plans to announce a decision soon. From July, Cargill will stop the company’s grain exports from Russia, but will continue to purchase cargo from other companies.
Currently, Viterra management is discussing mechanisms for the upcoming exit from the Russian grain market. However, the article states that the company’s presence in the Russian Federation will not last long.
“Viterra plans to announce its decision soon. At the moment they are still shipping grain and are thinking about how to leave the Russian market and what to do with their assets,” he wrote in the note.