IKAR in Mass and Industry Media

MOSCOW: Russian wheat export prices rose last week supported by strong demand from traders, who are exporting grains at a record pace, analysts said on Monday. Russia, one of the world's main wheat suppliers via the Black Sea, is set to harvest the larges

Reuters

MOSCOW Aug 18 (Reuters) - Russian wheat export prices fell last week after the U.S. Department of Agriculture (USDA) upgraded its Black Sea crop estimates, Russian analysts said on Monday.

Russia, one of the main wheat exporters via the Black Sea, is expected to harvest 59 million tonnes of wheat this year, the USDA said in the latest report last week, up from its previous forecast of 53 million tonnes. The USDA raised its wheat harvest estimate for Ukraine by 1 million tonnes.

"The Russia and Ukraine increases are based on harvest reports that indicate very high winter wheat yields, especially for Russia," the USDA added.

Russian export prices for new-crop wheat with 12.5 percent protein content declined by $3 to $243 per tonne last week, reacting to the estimate upgrade, Russian agriculture consultancy IKAR said in a note.

The quote was on a free-on-board (FOB) basis in the Black Sea compared with a week earlier. Export prices for wheat with 11.5 percent protein were flat at $235 per tonne, it added.

SovEcon, another leading Russian agriculture consultancy, quoted FOB prices for wheat with 12.5 percent protein content $1.5 lower at $246.6 per tonne.

Russian grain producer RZ Agro, owned by Russia's Sistema oil-to-telecoms conglomerate and members of the Louis Dreyfus family, has finished early grain harvesting with record winter wheat yields of 4.5 tonnes per hectare, RZ Agro said in a statement on Monday.

According to Russia's agriculture ministry, the country has already harvested 44 million tonnes of wheat from 49 percent of the planned area. Average yields are up at 3.55 tonnes per hectare from 2.98 tonnes per hectare a year ago, it added.

Russia exported 1.8 million tonnes of grains, including 1.55 million tonnes of wheat, during the first two weeks of August, IKAR said. The country exported 3.1 million tonnes of grain last month, including 2.7 million tonnes of wheat, record volumes for the month of July.

Sugar prices fell to $694 per tonne from $759 per tonne a week earlier, according to IKAR. (Reporting by Polina Devitt; editing by Keiron Henderson)

31.08.14

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