Russian wheat prices rose last week on a worsening outlook for the country's crop and stronger markets in Chicago and Paris, consultancy IKAR said this morning.
Russian wheat from Black Sea ports with a protein content of 12.5% was priced at $ 254 per tonne of fob late last week for delivery in August. That was 6 US dollars more than in the previous week, said the experts in a message.
On Friday, IKAR lowered its forecast for Russia's wheat harvest in 2021 by 3 million tons to 78.5 million tons due to lower yields in the Central and Volga regions. The state weather service also lowered its estimate for the 2021 grain harvest.
Another consultancy firm Sovecon said it could lower its forecast from 82.3 million tons of wheat by 4 million tons this week, as the Russian statistics service last week saw the pre-harvest winter wheat area of 15.6 million hectares compared to the previous week Sovecon reported an estimated 16.8 million hectares.
Sovecon announced that the gap between this year's and last year's yield has widened, as the harvest is now taking place in the Volga and central regions affected by dry weather.
Parts of these regions expect rain this week, which could still help their yields.
Source
Hansa Terminhandel GmbH
