Export control keeps stable wheat prices in Russia

Last week, the Russian wheat prices were stable. Positive crop Outlook and a possible influence of the export tax applicable from July 1 keep prices level. Should the Ruble rate weaken in the coming months, the farmers fear disadvantages.
Wheat of harvesting new with 12.5% protein recorded in forward three weeks $190 per tonne fob contracts. Also unchanged, local prices for wheat of class III, recorded for the previous week on 9,400 rubles per tonne from shippers in the European part of Russia. In the Vermarktungssaison end on June 30 to end, Russia has exported 29.4 million tons of grain, of which 20.9 million tons of wheat.
In the past week, there were some higher crop estimates, meanwhile also some regions report serious drought so last IKAR consulting firm has lowered its forecast for the wheat harvest by 1 million tons to 55-59 million tons.
The program for the State grain storage has revived in recent weeks. The Ministry has 1.08 million tons of grain bought now since last autumn, of 46,800 tons in the previous week.
The sowing of summer cereal is almost completed in Russia. Until June 11, spring wheat was seeded on 30.6 million hectares. 500,000 acres are less than a year ago and also 500,000 hectares less than planned.

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