Russia's wheat export prices fell again last week. Expect the largest wheat harvest in the post-Soviet time. Russia is one of the world's largest exporters of grain and supplies in particular to destinations in North Africa and the Middle East. In Russia, the wheat harvest begins end of June / beginning of July.
Russian wheat with a protein content of 12.5% for delivery in the first half of July was traded last week at a price of $176 per tonne fob. The price is 5 euro under the prices which were traded in the previous week, so the Russian agricultural consultancy IKAR.
Sovecon, another Russian agricultural consulting company, estimated the price of wheat for delivery in July to $181,50 per tonne fob.
Russia exported a total of 33.6 million tons grain, of which 24.3 million tons of wheat (+ 12% to the previous year) in the period 1 July 2015 until 22 June 2016. IKAR estimates the total Russian wheat exports by 2015/16 to 24.8 million tons. The forecast of the Russian wheat harvest increased the company by 500,000 tons to 65 million tons.
