The export price for Russian wheat sinks further, because the harvest is imminent and also give the world market prices.
Russia, one of the great wheat exporters in the world, expects the biggest grain harvest in the post Soviet era this year. As all other regions of the world expect large harvests, the date mark price fell last Friday at the CBoT on a nine-year low.
The Russian agricultural SovEcon consultancy sees the grain market remains under pressure, because the local operators confirms the assessment to a record harvest in Russia.
Wheat prices on the Black Sea with 12.5% protein recorded late last week for July delivery on 172 USD per tonne fob. Four USD/ton are less than in the week before.
The Russian Agriculture Ministry estimated the grain harvest of the country up to 110 million tons. Last year, there were 106 million tonnes. The biggest Russian grain pension post Soviet-era was retracted in 2008 with 108 million tonnes.
Since 1 July 2015 until June 29, 2016, Russia exported 33.8 million tons of grain, of which 24.5 million tons of wheat. They were 11% more than in the previous season. The marketing year ends on June 30.
Also, the grain prices in the local market decreased by 500 rubles per tonne. Equivalent in USD that is southern Russia 174 per tonne in the European part.
