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Russian Wheat Price Falls to Lowest Since 2009 on High Yields

Bloomberg, 13.07.16

(Bloomberg) -- Russian wheat prices dropped to the lowest since 2009 as the start of harvesting showed yields were higher than expected.

Wheat for loading at Black Sea ports fell 4 percent from a week earlier to $165 a metric ton as of Friday, Dmitry Rylko, director general of Moscow-based Institute for Agricultural Market Studies, or Ikar, said by e-mail. That was a fourth consecutive drop.

Prices declined as the harvest start showed record-high yields of 4.57 tons a hectare, Rylko said. That’s higher than expected, according to Marina Sych, an analyst at Kiev-based market researcher UkrAgroConsult. The consultant pegged the Russian price at $167 on Friday, with Sych saying it was the lowest since October 2009. Prices compiled by both firms are for wheat with a protein content of 12.5 percent on a free-on-board basis.

At the end of last month, farmers began collecting the crop sowed in autumn. Russia gathered 7.6 million tons of wheat before cleaning and drying by July 8, the Agriculture Ministry said. Russia’s southern Krasnodar region, the country’s biggest grower of grains, processed wheat from 49 percent of its fields, according to regional government data.

Prices increased in France, a competitor to grains from the Black Sea area. French wheat with a minimum 11 percent protein content for loading at the port of Rouen gained 2.6 percent from a week earlier to the equivalent of $174.35 a ton, according to crops office FranceAgriMer. Prices climbed after analysts from Offre & Demande Agricole to Paris-based farm adviser Agritel cut estimates for the French crop last week on expectation of lower yields.

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