Russian wheat export prices fell last week, following the fall in prices on the Chicago Stock Exchange and Euronext in Paris. The reasons for this include the improved weather conditions in the growing regions of the United States and the Black Sea region.
Black Sea wheat from the new crop with 12.5% protein for delivery in August fell last week by $ 1 to $ 202 / ton FOB, according to agricultural consultancy IKAR. Wheat of the old crop for delivery in May is seen by IKAR at $ 213 / ton with low liquidity. By contrast, SovEcon posted a modest $ 1.00 / ton drop to $ 212.50 / ton FOB the previous week.
Russia is one of the world's largest grain exporters. The harvest usually starts in the second half of June. In 2017, a record grain crop was harvested and expectations for this year are also good.
As of 9 May, Russia exported cereals in the current marketing year 2017/18, amounting to 45.3 million tonnes (including 35.2 million tonnes of wheat). Compared to the previous year there is an increase of 44%.
SovEcon expects grain exports to reach 4.2 million tonnes in May. In April, 4.26 millionTons of grain exported.
The summer cereal sowing is completed at 31% of the planned area or 9.5 million hectares (previous year: 11.8 million hectares).
