The prices for Russian export wheat sank last week in the expectation of a large harvest. If the weather plays along, so Russia, one of the leading wheat exporters in the world, will reap in 2016 about 64.5 million tonnes of wheat, last year 61 million tons have been retracted. It's already the third year in follow that in Russia as large harvests are retracted, while there are also worldwide a wide selection and low prices.
Export wheat with 12.5% protein from the Russian Black Sea coast cost USD/tonne at the end of last week 181 fob; 3 USD/tonne were less than in the week before. The wheat harvest starts in early July, the barley harvest has already begun.
The operators are concerned about the quality on the protein content and the number of cases of the new crop, after it was last much rain. Because of the wet conditions, there are also reports of fungal diseases and Fusarium in the southern growing regions.
Russia exported 33.3 million tons of grain, since 1 July 2015 until June 15, 2016 of them were 24.1 million tons of wheat. These are 12% more than in the season 2014/15.
Wheat prices of class III at the local Russian market in the European part of the country rose compared to the previous week to 200 rubles per tonne to $ 189.8 USD/tonne from loading station.
