Wheat prices in Russia will hardly rise, after the export duty was lifted, because traders need to clear their stocks before the approaching harvest. Last Friday, Moscow had set the Customs on wheat exports to zero, but there are plans that from 01 July another method is to calculate a duty. The ruble's rate had also strengthened so that a threat of inflation, which had introduced the duty on wheat, is apparently being banned.
A proposal for the calculation of the tariff, that one wants to skim off a USD per tons of wheat, as soon as the domestic price exceeds 12,000 rubles or $242 per tonne. Forward prices for wheat with 12.5% protein from Black Sea ports are named in this week with $189 per tonne fob. These are $ 2-3 per tonne less than in the previous week. Aging Tiger wheat currently costs $190 to $193 per tonne. In the European part of Russia, wheat of class III cost 9.175 rubles / tonne, 50 rubles more than in the previous week.
The Russian grain harvest in 2015 is by the Ministry estimated up to 100 million tons, 5 million tonnes below the record harvest in 2014. The Government has recorded in the intervention programme since the start in the autumn of 2014 850,000 tons in State warehouses. This number includes 66,100 tons, which were added in the last week.
