Russian wheat fell for the second week in a row last week, following prices on the Chicago and Paris futures exchanges after the US Department of Agriculture's WASDE report increased forecasts for global wheat stocks, analysts reported this morning.
Russian wheat with 12.5% protein, loaded at Black Sea ports for delivery in late December or early January, was quoted at $ 334 per tonne of FOB late last week, $ 3 less than the previous week, the consulting firm IKAR said.
Another consultancy, Sovecon, cut wheat by $ 2 to $ 338 per tonne while barley remained stable at $ 304 per tonne.
Russian wheat exports have declined 37.5% since the 2021/22 marketing season began on July 1 due to a lower harvest and the export tax, which will rise to $ 91.0 per ton this week.
ICAR said on Monday that after drying and cleaning, it expects a grain harvest of 122.7 million tons for Russia in 2021, including 76.7 million tons of wheat. The country's wheat harvest in 2020 was 85.9 million tons.
Wheat prices in Russia's domestic market also fell last week due to weak demand from exporters and domestic consumers, Sovecon said. Demand could surge in the coming weeks leading up to the country's New Year holidays, December 31 through January 9.
Source
Hansa Terminhandel GmbH