Russian wheat prices rose last week.
In deed, according what referred IKAR, Russian wheat with 12.5% protein loading from Black Sea ports for supply in August was $254 a tonne free on board (FOB) at the end of last week, up $6 from the previous week.
Sovecon, meantime, recorded a $10 rise to $255 per tonne of wheat.
Also barley was up $10 at $224.
Domestic 3rd class wheat, European part of Russia, was at 12,825 roubles/t +150 rbls, ($175.3) excludes delivery (Sovecon).
Sunflower seeds was unchanged to 37,825 rbls/t (Sovecon). Domestic sunflower oil was at 91,000 rbls/t -650 rbls (Sovecon).
Export sunfloweroil was at $1,240/t +$20 (Sovecon).
Export sunflower oil was at $1,250/t +$25 (IKAR).
Soybeans was at 47,400 rbls/t -400 rbls (Sovecon).
Whitesugar, Russia ‘s south, was at $572.8/t +$22 (IKAR).
($1 = 73.1700 roubles).
The main reasons of this increase in wheat prices were a cut in forecasts for Russia’s 2021 wheat crop.
In fact IKAR reduced its estimate by 3 million tonnes to 78.5 million tonnes.
Also the State weather forecaster also cut its estimate for the 2021 grain crop.
Sovecon said it could cut its forecast by 4 million tonnes from 82.3 million tonnes of wheat later this week as Russia’s statistics service reported the pre-harvest winter wheat area at 15.6 million hectares last week vs the 16.8 million hectares previously estimated.
