Fixed Ruble rate: Russian wheat is more expensive

The prices for Russian export wheat rise again for two weeks. Reason for that is the fixed exchange rate of the Russian ruble against the US dollar, which billed the wheat in the international business.
Russian wheat with 12.5% protein, which runs via the ports on the Black Sea, fob cost 185 USD/to to the end of last week. Two USD/to include more than the week before.
Russia must find new customers for its wheat surplus and accelerate exports to avert a price pressure on the local market. 2016, a record grain harvest has been retracted with 119 million tons. 21.3 million tons of grain from Russia have been performed since 1 July 2016, 16.7 million tons of which were wheat.
The Ministry of agriculture expects that 35 to 37 million tons of grain will run in 2016/17 (July - June) season. The prospect of the harvest of 2017 is also excellent, although still a cold wave in the region of cereals is expected this week.
The prices for wheat of class III in, the local market the European part of Russia remained at $ 179 USD/to.

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