The quality of crops in Lithuania this year is better than in other Baltic countries, where the frost has had a more negative impact, says Mažvydas Šileika, CFO of the agriculture, food production and trade company „Akola group“ (formerly „Linas Agro Group“).

„The quality (of rapeseed crops – BNS) in Lithuania is good so far, the same applies to other species, especially wheat, we have enough moisture, so the quality of the crops is looking very good at the moment, –, M. Šileika told a conference for investors Thursday.

He said sowing in Latvia and Estonia had got off to a good start, but the winter frosts in spring had a more negative impact and while the situation was challenging, it was not critical.

M. Šileika said that it is difficult to say how trade will look in the future – it depends on the final harvest and how Russia and the other big players will look on the market.

„As far as next year is concerned, the situation is still fluid, at the moment everybody is trading, as we say, on air. The weather has a big impact on future harvests, it dictates prices (...). At the moment conditions look good, prices have risen globally, which also helps our local farmers," said Mr Šileika.

So far, he said, there is a positive farmers' mood for this year, although things could still change if the weather deteriorates, but at the moment it is helping rather than hurting.

The „Akola group“ said on Wednesday that low prices have led to a fall in group sales and earnings in the nine months of the 2023–2024 financial year. The group sold 2.4 million tonnes of products in the three quarters, down 12% from the same period in 2022-2023.

In July last year, the Group acquired a ready-to-eat food plant in Širvintos and in April this year invested EUR 0.45 million in the UK-based natural functional drinks start-up „Brite Drinks“, founded by Lithuanians.