Export prices of Russian wheat declined last week with an increase in supply after the start of harvesting a new crop, which smoothed the effect of risks associated with hot weather, analysts say. The price of a ton of wheat with a 12.5-percent protein content dropped by the end of last week by $ 1 compared with the previous week - to $ 194 free-board in Novorossiysk, IKAR reported.
According to SovEcon, the price of this class of wheat of the new crop with delivery in July remained at the level of $ 196 per ton of free onboard, prices for barley decreased by $ 1 to $ 167.5 per ton of free on board. The ruble rose against the US dollar by two percent last week. "The market continues to closely monitor the weather in the Black Sea region. Hot and dry weather still threatens a new crop, in some places the plants are depressed, and low moisture reserves create preconditions for lower yields," SovEcon review.
Harvesting of winter crops has already begun in the Krasnodar Territory, the gross harvest amounted to 125,000 tons of wheat with an average yield of 66.8 centners per hectare, which is 5.2 centners higher than last year.
Source: AgroVestnik.
