Russian export prices for the new wheat crop, due to arrive on the market in the summer, advanced further last week alongside a rise in global benchmark prices in Chicago, analysts said on Monday. Black Sea prices for the Russian new wheat crop with 12.5% protein content were $188 per tonne on a free on board (FOB) basis at the end of last week, up $2 from a week earlier, Russian agricultural consultancy IKAR said in a note.
SovEcon, another Moscow-based consultancy, quoted FOB new crop for July delivery at $187 per tonne at the end of last week, up from $184.5 a week earlier. Russia usually starts wheat harvesting in late June or early July. Russia exported 40.5 million tonnes of grain from the start of the current 2018/19 marketing season on July 1, 2018 to May 23, down 15% from a year earlier, according to SovEcon. That included 33.4 million tonnes of wheat.
Domestic prices for third-class wheat fell 25 roubles to 11,900 roubles ($185) a tonne at the end of last week in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs. By May 24, farmers had sown spring grains on 78% of the planned area, or 23 million hectares, compared with 20 million hectares a year ago, Russia's agriculture ministry said.
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