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IKAR in Mass Media

Russia's wheat prices fall on high yields from harvest

15 июля 2013 года

MOSCOW, July 15 (Reuters) - Russia's wheat export prices fell last week due to high yields in the harvest, despite mixed weather, analysts and senior Agriculture Ministry official said on Monday.

Russia, traditionally the world's third-largest wheat exporter, hopes to increase the harvest by one third to not less than 50 million tonnes as it seeks to replenish stocks and boost exports after last year's drought.

Prices for wheat supplies with 12.5 percent protein content were down $4 to $251 per tonne in the Black Sea on a free-on-board (FOB) basis last week, the Institute for Agricultural Market Studies (IKAR) said in a note.

Prices for wheat with 11.5 percent protein content fell $2 to $243 per tonne, IKAR added.

As of July 12, Russia had harvested almost 18 million tonnes of wheat from 22 percent of the planned area with yields at 3.26 tonnes per hectare, up from 2.55 tonnes last year, Deputy Agriculture Minister Ilya Shestakov told a news briefing on Monday.

SovEcon agriculture analysts said export prices for milling wheat with 11.5 percent protein content were down $2 at $250 per tonne FOB in deep-water ports and at $230-235 per tonne on the same basis in shallow-water ports.

The drop in Russian wheat was in step with European wheat prices, pushed lower on Monday by a fall on U.S. markets and by the approaching harvest. By 1250 GMT, benchmark November milling wheat in Paris was down 1.6 percent at 194.50 euros ($250) a tonne.

SovEcon pegged Russian barley prices at $245 per tonne, down $5, on a FOB basis in deep-water ports and at $230-235 per tonne in shallow-water ports. IKAR quoted barley prices flat at $245 per tonne in the Black Sea and at $220 per tonne in the Azov Sea.

SovEcon and IKAR, Russia's two leading agricultural research firms, cut their forecasts for its 2013 wheat crop last week, citing drought in several growing regions and lower-than-expected yields.

According to Shestakov, the ministry has kept its 2013 grain crop forecast unchanged at 95 million tonnes as the threat of drought in the Central and Volga federal districts may be balanced by higher yields in the South federal district.

Recent rains in regions that had been hit by drought helped maize (corn), sunseeds and sugar beet crops, but were mostly too late for spring grains, IKAR said on Monday.

As for oilseeds, domestic prices for sunflower seeds were flat at 16,400 roubles per tonne, SovEcon said.

Export prices for crude sunflower oil were down $10 at $1,110 a tonne on a FOB basis, according to SovEcon, while IKAR quoted domestic crude sunoil prices flat at $1,150 per tonne.

New crop rapeseed prices in Russia's South were quoted at 12,500 roubles per tonne, IKAR added. SovEcon pegged offer prices at 12,300 to 12,800 roubles per tonne on excluding works (EXW) in the Stavropol region.

IKAR also quoted Russia's domestic white sugar prices up 850 roubles at 23,850 roubles per tonne.

($1 = 0.7661 euros)

Source: Reuters  |  #grain   |  Comments: 0   Views: 148

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