MOSCOW: Russian export prices for the new wheat crop, which is due to be harvested this summer, were stable last week as the market assessed crop conditions and yield potential, analysts said on Monday.
Russian wheat with 12.5% protein loaded from Black Sea ports and for delivery in July was at $202 a tonne free on board (FOB) at the end of last week, unchanged from a week earlier, SovEcon consultancy said in a note.
IKAR pegged new crop wheat for delivery in July at $200 a tonne, up $1. Prices for the new barley crop were at $170-172 a tonne, SovEcon added.
Russian exports slowed to the lowest level in recent years last week, SovEcon said. The country exported 134,000 tonnes of wheat compared to 305,000 in a week earlier.
Russia exported 35.4 million tonnes of grain in July 1-May 28, down 13% from the year-earlier period, SovEcon said. Of this, wheat exports accounted for 30.2 million tonnes.
The agriculture ministry has sold 1.43 million tonnes of grain from its stockpile since the start of sales in April.
The stockpile is almost depleted, and state grain trader UGC said last week Russia was considering raising it to 6 million tonnes. SovEcon said it doubted this plan would be implemented, at least in the short term.
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