Russian wheat export prices are rising for the third straight week amid persistent concerns over wheat harvests in Russia and Ukraine this summer, analysts say.
Last week, the Ministry of Agriculture of the Russian Federation lowered the forecast for the grain harvest for 2017 in Russia to 100-105 million tons, compared to the previous data of 110 million tons, due to unfavorable weather conditions.
The Black Sea FOB price of Russian wheat with a protein content of 12.5 percent increased by $ 1 at the end of last week from the price a week earlier to $ 187.50. SovEkon pegged prices for the new crop with delivery in July-August in the range of $ 173- $ 177 per tonne.
Russian prices were also supported by demand from Egypt, the largest market for Russian wheat. Last week Egypt agreed to buy 120,000 tons from Russia and 60,000 tons of Romanian wheat in July 1-10 shipments.
Russian wheat prices are growing amid negative forecasts
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Azovpromstal® 6 June 2017 г. 14:19 |
