The Black Sea price for Russian wheat with a protein content of 12.5% for delivery in September was $170,50 FOB late last week. This is a decrease of $1.50 to the previous week. This reports the Russian agricultural consultancy IKAR.
Egypt's State grain purchasing GASC advertised wheat tender cancelled last week because only a bidder took part in the tender. The reason for the reluctance of bidders is reintroducing the "0 tolerance policy" for the ergot, which Egypt surprised the market at the end of August. Many traders believe Egypt will have great difficulty thus, to its huge import needs. Also the decision will adversely impact on the Black Sea wheat exports, until the problem is solved.
Russia's grain exports reached a volume of 5.4 million tons (of which 4.5 million tonnes of wheat) in the period 1 July to 31 August. This is a decrease of 7% compared to the previous year.
In the local Russian market, agriculture is still back wheat lots of higher quality in the hope of rising prices. In the European part of Russia, the prices for local wheat rose to: 10.050 rubles ($155) a ton of free justice in last week to 100 rubles.
