Russia: Rising wheat export prices

Russian wheat export prices rose last week in response to soaring wheat prices at Chicago's CBoT. Russian wheat with a protein content of 12.5%, loaded at Black Sea ports for delivery in October, was $ 237 / tonne FOB late last week, up $ 4.00 from the previous week, reports the Russian agricultural consultancy IKAR. SovEcon reports an increase of $ 3.00 to $ 197.00 / ton in barley. The ruble is currently trading at its lowest level in six months against the US dollar. The rise in domestic prices slowed last week due to weaker demand from exporters. Domestic supply is limited as farmers prefer to sell barley or sunflower seeds, Sovecon added. Russia's winter wheat growing regions are suffering from drought. Rainfalls arrived in parts of the southern and central regions, but were not enough to replenish the moisture reserves in the soil. It is expected to be dry again this week, except in parts of the southern regions such as Stavropol and Krasnodar."Farmers will need at least 10 to 15 mm of precipitation in central and southern Russia over the next few weeks, otherwise the yield potential will suffer greatly," said Sovecon.

Hansa Terminhandel GmbH
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