Russia's export wheat prices for the new crop rose last week after the crop was downgraded due to the drought in April, analysts report today.
The Russian agricultural consultancy IKAR lowered the forecast for the 2020 wheat harvest from 77.2 million tons to 76.2 million tons last week. Russia's Ministry of Agriculture expects a grain harvest of 120 million tons.
Export wheat from Russia loaded with 12.5% protein to Black Sea ports for delivery in July rose $ 6 a week earlier to $ 202 / tonne FOB, reports SovEcon.
Ikar reports a price of $ 199, an increase of $ 4.
SovEcon reports that weather conditions have improved in the south and are excellent in the other regions. Rainfall came last week and is expected for this week as well.
Russia exported 35.3 million tons of grain between July 1, 19 and May 21, 20. That is a decrease of 13% compared to the previous year. Wheat exports reached a volume of 30.2 million tons.
The U.S. Department of Agriculture expects Russia to remain the world's largest wheat exporter in the current 2020/211 marketing period.
Traders are currently talking to grain terminals in Russian ports about the new season. They are discussing handling fees of around $ 16 a ton, compared to $ 22 to $ 24 a year ago, SovEcon said.
The Department of Agriculture has sold 1.4 million tons of grain from its inventory since it started selling in April.
Source
Hansa Terminhandel GmbH
