IKAR in Mass and Industry Media

Russian wheat export prices pressured by large supply, higher crop forecasts

Reuters

Russian wheat export prices declined last week, pressured by high export supplies and amid higher crop forecasts in Russia.

The price of 12.5%-protein Russian wheat scheduled for free-on-board (FOB) delivery in September was $245 per metric ton last week, down from $250 a week earlier, the IKAR agriculture consultancy reported.

IKAR last week raised its forecast for Russia’s 2023 wheat harvest to 89.5 million tonnes, its second increase in August.

Russia-focused agricultural consultancy Sovecon estimates total Russian wheat exports in August at 5.1 million metric tons, compared with 3.5 million tons in August 2022 and an historic average of 4.7 million tons for the month of August.

Russia exported 1.24 million tons of grain last week compared to 1.26 million tons a week earlier, including 1.15 million tons of wheat compared with 1.19 million tons a week earlier, Sovecon wrote in its weekly note, citing port data.

The wheat harvest as of Aug. 17 totalled 63.9 million tons (versus 70.8 million tons а year earlier) from 16.0 million hectares (versus 16.2 million hectares), with an average yield of 3.99 tons per hectare (4.37 tons per hectare).

This accounts for 54% of the total area.

23.08.23

All viewing: 5
Discuss