In Russia, export prices for new crop wheat rose last week because the drought in the south of the country is likely to result in a significant drop in earnings, analysts believe.
The Stavropol region, one of the most important winter wheat growing regions in Russia, expects a 40% drop in yield, the state-run news agency Interfax reported last week.
Russian export wheat with a protein content of 12.5% loaded in Black Sea ports for delivery in July rose last week by $ 2.50 last week to $ 204.50 a ton FOB, reports analyst SovEcon.
Another major analyst, Ikar, reported an increase of as much as $ 6 to $ 206 a ton, while barley prices remained stable at $ 171 a ton.
The pace of Russian wheat exports slowed last week to 118,000 tons compared to the previous week (146,000 tons).
In the current marketing year 2019/20 (July to June), Russia exported 35.4 million tons of grain until June 4, a decrease of 14% compared to the previous year. Wheat exports reached a volume of 30.3 million tons.
Since April, the Russian Ministry of Agriculture has sold state-owned cereals in a volume of 1.44 million tons
Source
Hansa Terminhandel GmbH
