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IKAR in Mass Media

Russia's wheat prices fall as harvesting gathers pace

01 июля 2013 года

MOSCOW, July 1 (Reuters) - Russia's wheat export prices declined last week as its harvest gained momentum amid favourable weather, analysts said on Monday.

Russia, historically the world's third-largest wheat exporter, is expected to boost this year's wheat harvest by 42 percent to 54 million tonnes after last year's drought.

Prices for wheat supplies with 12.5 percent protein content were down $8 at $256 per tonne in the Black Sea on a free-on-board (FOB) basis and down $3 at $232 per tonne in the Azov Sea last week, the Institute for Agricultural Market Studies (IKAR) said in a note.

Weather is likely to be favourable for the major harvesting regions in July, a map of the state weather forecaster showed. Temperatures are expected to be higher than usual, while precipitation will be below normal, the forecaster added in a monthly report.

In coming days, rains are expected in the North-Caucasus Federal District and the South Federal District on July 1-3, the forecaster added. Rain is also forecast for the southern parts of the Central and Volga districts.

As of June 28, Russia's largest wheat-growing region of Krasnodar had harvested 2 million tonnes of wheat, 700,000 tonnes more than at the same date last year.

Yields were quoted at 5.14 tonnes per hectare, up 0.96 tonnes compared with a year ago, the regional Agriculture ministry said on its website www.dsh.krasnodar.ru.

SovEcon agriculture analysts quoted export prices for milling wheat in a band of $252-255 per tonne on a FOB basis in deep-water ports, down from $253-$257 per tonne during the previous week. It pegged barley prices at $250 per tonne.

Meanwhile, wheat prices in western Europe fell to the lowest level in more than a year on Friday as a much bigger-than-expected estimate of U.S. corn sowings sparked selling in grain markets.

November milling wheat on the Paris futures market was up 0.1 percent at 194 euros ($250) a tonne on Monday by 0944 GMT.

During the marketing 2012/13 year, which ended on June 30, Russia exported more than 16 million tonnes of all grains, including more than 400,000 tonnes of grain excluding pulses in June, IKAR said.

This figure included a share of new-harvest barley and wheat, it added. At least one vessel with new-crop wheat left the Black Sea port of Novorossiisk on Saturday, according to IKAR.

Russia exported around 11 million tonnes of wheat in 2012/13 and is expected to export 16 million tonnes during 2013/14, the latest Reuters poll showed.

As for oilseeds, Russia's domestic prices for sunflower seeds were flat at 16,425 roubles per tonne last week, SovEcon said. Export prices for crude sunflower oil were down $20 at $1,110-1,120 a tonne on a FOB basis.

($1 = 0.7693 euros)

Source: Reuters  |  #grain   |  Comments: 0   Views: 49

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