IKAR in Mass and Industry Media

Russian prices for new crop wheat

Business Recorder

Russian prices for new crop wheat fell further last week ahead of an expected bumper harvest in Russia, one of the world's major grain exporters, analysts said. The country is expected to increase its grain crop by 5 percent in 2014, according to its Agriculture Ministry, after favourable weather in May brightened the 2014 harvest outlook.

Russian futures prices for the new wheat crop with 12.5 percent protein content were quoted at $253 per tonne at the end of last week, down from $258 per tonne the week before on a free-on-board (FOB) basis in the Black Sea, the Institute for Agricultural Market Studies (IKAR) said.

SovEcon, another leading Russian agriculture consultancy, pegged FOB prices for new crop wheat at between $257 and $263 per tonne in the Black Sea, down from $262-$265 the previous week. Russia will face stiff competition in the 2014/15 marketing year that should see lower prices for their main customers, analysts and industry insiders said last week. IKAR said Russia's sunflower seed price index was little-changed at 13,600 roubles ($296) a tonne at the end of last week.

17.06.14

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