MOSCOW: Prices of Russian wheat exports fell last week on expectations that the new harvest would flood the market, analysts said on Monday.
Russia’s southern regions are expected to begin harvesting the new wheat crop at scale in early July, said Dmitry Rylko, head of consultancy IKAR.
The price of Russian new-crop wheat with 12.5percent protein content for free-on-board delivery in the second-half of July to early August was down USD1 at USD233 a metric ton at the end of last week versus the week before, he said. IKAR estimates Russia’s June wheat exports at about 2.5 million metric tons.
Consultancy Sovecon put last week’s prices for Russia’s new-crop wheat with 12.5percent protein at USD237 a ton, down USD3 compared with the prior week.
The agency forecast June exports at 2.2 million tons.
Meanwhile, rail operator Rusagrotrans estimated June wheat exports at 2 million tons.
Analysts said that the actual wheat exports between June 1 and June 15 totalled 1.1 million tons, higher than last year’s 0.721 million tons for the same period.
Comments