Russian wheat export price rises due to unfavourable weather

Russian wheat export price rises due to unfavourable weather

Russian wheat export price rises due to unfavourable weather

Russian wheat export prices rose last week due to unfavourable weather conditions, analysts said.

Black Sea prices for Russian wheat with 12.5 percent protein content were at $205 a tonne on a free on board (FOB) basis at the end of last week, up $1 from a week earlier, Russian agricultural consultancy IKAR said in a note on the new harvest.

SovEcon, another Moscow-based consultancy, quoted FOB wheat prices up $3, also at $205 a tonne, for July delivery. Maize (corn) prices were at $195 a tonne, down $2.5.

State weather forecaster Hydrometcentre expected Russia’s 2018 crop of winter wheat and rye to fall around 10 percent from last year due to dry weather.

The country produced a record crop of 135.4 million tonnes of spring and winter grains of all types in 2017. It will have large stocks left of that record crop once the new 2018/19 marketing year starts on July 1.

As of May 30, Russia had exported 49.015 million tonnes of grain since the start of the 2017/18 season on July 1, up 47.4 percent year-on-year, including 38.074 million tonnes of wheat, the agriculture ministry said.

Domestic prices for third-class wheat were 150 roubles up, at 9,400 roubles ($151.8) a tonne at the end of last week in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

Sunflower seed prices rose by 450 roubles to 22,175 roubles a tonne, SovEcon said. Domestic sunflower oil prices and export oil prices were steady at 45,175 roubles and declined by $10 to$735 respectively.

IKAR’s white sugar price index for southern Russia was at $548.21 a tonne, down from $558.54 a week earlier.

Source: Reuters

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