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Russian wheat prices fall under pressure from new crop

Reuters, 29.08.17


Russian wheat export prices fell for a fourth week last week, under pressure from a large new crop coming onto the market, analysts said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content were at $180 a tonne on a free-on-board (FOB) basis at the end of last week, down $4 from a week earlier, IKAR agriculture consultancy said in a note.

SovEcon, another Moscow-based consultancy, said Russian wheat prices fell $8 to $182 per tonne.

“Pressure from the new crop is too high,” IKAR head Dmitry Rylko said.

As of Aug. 23, Russia had exported 5.46 million tonnes of grain since the start of the 2017/18 marketing season on July 1, up 22 percent from a year earlier.

Russia’s grain harvesting is gathering pace and has almost matched the previous year’s level after a delay caused by rains.

Domestic prices for third-class wheat fell by 225 roubles to 8,650 roubles ($147.83) a tonne in the European part of Russia on an ex-works basis, according to SovEcon. Prices for fourth-class fell to 7,700 roubles a tonne. Ex-works supply does not include delivery costs.

Russian sunflower seed prices were down 175 roubles at 19,875 roubles per tonne, SovEcon said, while domestic sunflower oil prices were up 175 roubles at 44,500 roubles and export oil prices were at $760 per tonne, up $20 from a week earlier.

IKAR’s white sugar price index for southern Russia was down $33 at $431 a tonne as of Aug. 25.

http://hellenicshippingnews.com/russian-wheat-prices-fall-under-pressure-from-new-crop/



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