MOSCOW: Russian wheat export prices remained steady for two consecutive weeks as the cold weather delays the start of the sowing season, although the impact of the recent sharp drop in temperatures on winter crops is not yet clear, analysts said.
The price of Russian wheat with 12.5 percent protein content for free-on-board (FOB) delivery in May was USD237 a metric ton at the end of last week, unchanged from the previous week, said Dmitry Rylko, head of the IKAR consultancy.
IKAR downgraded the export estimate this month to 3.8 million tons to 4.0 million tons from 3.8 million tons to 4.2 million tons a week earlier. The agency left its export forecast for April unchanged at 4.0 million tons.
Analysts at the rail operator Rusagrotrans estimate that Russian wheat exports in April will total 3.8 million tons, of which around 2.4 million tons had already been shipped by 20 April.
Cold weather in Russia has led to a significant delay in the pace of spring sowing, Agriculture Minister Oksana Lut said last week.
IKAR agency has lowered its forecast for the 2026 wheat harvest by 1 million tons to 90 million tons, against the backdrop of difficulties with sowing campaign across Central and parts of Volga districts. As of today, the agency’s analysts estimate the delay in spring field activities to be three weeks.