The Russian wheat export prices fell last week due to world-wide large expected crops. Russia, one of the world's largest wheat exporters, is expecting a record wheat harvest this year. On 12 October, 130.3 million tonnes of cereals (before cleaning and drying) were harvested to 93% of the total cultivation area.
Black Sea wheat from Russia with 12.5% protein for delivery in October cost the Russian agricultural consulting company IKAR, according to end last week $ 192 / ton FOB. This is a drop of $ 2.00 to the previous week.
SovEcon reported a price drop of $ 1.00 to $ 192.50 / tonne for wheat and an unchanged price of $ 189.50 for barley.
Since the start of the marketing period 2017/18 (July-June), Russia has exported 13.6 million tons of grain, an increase of 21% on the previous year. The exports of wheat rose by 13.5% to 10.5 million tonnes.
According to the Russian Ministry of Agriculture, winter cereals were sown on 11 October to 88.9% of the planned land area and 15.5 million hectares respectively. At the same time last year, it was 14.8 million hectares. The sowing conditions are worse than last year, because the soils are too dry.Precipitation is expected in the European part of Russia in the coming 1-2 weeks. This could improve the sowing conditions.
The domestic wheat prices for class III wheat in the European part of Russia remained unchanged at 8.175 rubles ($ 143) on the basis of ex-works, while the prices for class IV wheat rose by 25 rubles to 7,400.
