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Russian wheat prices down under pressure from new crop, weaker rouble – IKAR

Russian wheat export prices fell last week after three weeks of growth, under pressure from the arrival of the new crop and the weakening of the rouble against the dollar, IKAR agriculture consultancy said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports was at $207 a tonne free on board (FOB) for supply in August at the end of last week, down $3 from the week before, IKAR said in a note.

SovEcon, another consultancy in Moscow, pegged wheat unchanged at $209 per tonne. Barley was steady at $181 a tonne.

Russia’s grain exports are speeding up after a slow start to the new season.

Egypt’s state grains buyer, GASC bought 350,000 tonnes of Russian wheat and 120,000 tonnes of Ukrainian wheat last week.

The European part of Russia was mostly dry last week but rains are expected to arrive to some of its regions this week.

Some rainfall was seen in parts of the Urals and Siberia last week which could improve the condition of spring wheat sowings in the area, SovEcon said, but added that it was too late for any significant improvement.

“It looks like we are looking at a bad or very bad crop in the region,” it said.

Dry weather is expected in the Urals and Siberia this week.

($1 = 74.1165 roubles)
Source: Reuters (Reporting by Olga Popova and Polina Devitt; editing by Kirsten Donovan)

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