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.