Russian wheat prices are falling at the end of last week, while the new crop of cereals on the market comes. Russia is the largest grain crop in the post Soviet era.
Russia, one of the most important grain supplier for countries in North Africa and the Middle East, could harvest 110 million metric tons of grain this year. Two million tons would be more than in the record year 2008.
Export prices cost USD/ton for Russian wheat with 12.5% protein on the Black Sea for delivery in July last Friday 165 fob. These are less than a week before seven USD. Prices declined not even more because there are quality concerns due to the rains in June.
Russian farmers have already harvested 11.2 million tons of grain from 5.5% of the acreage and yields are higher than in the previous year. In the last marketing year 2015/16, which ended on June 30, Russia exported with 33.9 million tons 11% more grain than in the season before that. Of them were 24.6 million tons of wheat, 4.7 million tons of maize and 4.2 million tonnes of barley.
In the first week of July, 162.100 tonnes of grain were exported from Russia.
The price of wheat on the local market declined in the European part of Russia, compared to the previous week to 400 rubles on $ 167 USD/tonne from loading station.
