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Russian wheat export prices fall as harvest of new crop begins

Reuters, 29.06.20

* Yields are down at the start of wheat harvesting
* Hot, dry weather expected in the next few weeks

MOSCOW, June 29 (Reuters) - Russian wheat export prices fell last week as the harvesting of the new crop started and global benchmark Chicago futures lost value, analysts said on Monday.

Russian wheat with 12.5% protein loaded from Black Sea ports was at $200.5 a tonne free on board (FOB) at the end of last week, down $1.5 from the previous week, SovEcon agriculture consultancy said.

Barley prices rose $2 to $175 a tonne. Another consultancy, IKAR, pegged wheat for supply in August at $197 a tonne, down $2 from the previous week.

"It feels like the market expects the new crop from the Black Sea to push wheat prices further down. First yields in Russia ... confirm that there should be no disaster with the new wheat crop in Russia's south," SovEcon said.

Wheat harvesting started later than in 2019 with only 193,000 tonnes produced so far, down from 1.5 million tonnes around the same date in 2019. The average yield is also lower so far: at 2.12 tonnes per hectare vs 5.26 a year ago, SovEcon said.

It added it might update its 2020 crop forecast if yields remain below its expectations. Most Russian regions saw rainfall last week, but hot and dry weather is expected over the next few weeks.

Russia's exports were unchanged from last week, customs data showed.

Other Russian data provided by SovEcon and IKAR: Product:

Price at the end Change from week of last week: earlier
- Domestic 3rd 12,975rbls/t -750 rbls class wheat, ($186) European part of Russia, excludes delivery (SovEcon)
- Sunflower seeds 26,250 rbls/t -75 rbls (SovEcon)
- Domestic 52,750 rbls/t unchanged sunflower oil (SovEcon)
- export $770/t +$5 sunflower oil (SovEcon)
- Domestic 28,850 rbls/t -275 rbls soybean, European part of Russia (SovEcon)
- white sugar, $380/t -$0.6 Russia's south (IKAR)

($1 = 69.7770 roubles)

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