Content ID

332948

Russian wheat prices fall with rising harvest pressure

* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, Aug 29 (Reuters) - Russian wheat export prices fell last week under pressure from the arrival of the new crop, analysts said on Monday, adding that exports remained sluggish. Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports fell by $10 to $315 a tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy said in a note. Russia exported 660,000 tonnes of grain last week, compared with 850,000 tonnes the previous week, fellow consultancy Sovecon said, citing port data. It expects the shipments to accelerate in coming weeks. Sovecon sees wheat prices for immediate supply at $312-318 per tonne compared to $334-337 a week ago. Russia remained mostly dry last week and is expected to be dry and hotter than usual this week, Sovecon said, adding that farmers had already sown winter grains for the 2023 crop on 928,000 hectares compared to 1.0 million hectares around the same date in 2021. Other Russian data provided by Sovecon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd class 11,925 rbls/t -450 rbls wheat, European part ($199.2) of Russia, excludes delivery (Sovecon) - Sunflower seeds 26,100 rbls/t unchanged (Sovecon) - Domestic sunflower 74,025 rbls/t +75 rbls oil (Sovecon) - Domestic soybeans 34,250 rbls/t unchanged (Sovecon) - Export sunflower $1,430/t +$10 oil (Sovecon) - Export sunflower $1,320/t -$30 oil (IKAR) - White sugar, $886.7/t -$80.6 Russia's south (IKAR) The harvesting data provided by Sovecon as of Aug 25: All grains: Wheat Barley Crop, mln tonnes 105.2 78.9 17.7 Crop, as of same 86.4 63.2 15.3 date in 2021 Yield, 3.82 4.22 3.26 tonnes/hectare Yield, as of same 2.80 3.09 2.49 date in 2021 Harvested area, 27.6 18.7 5.4 mln hectares Harvested area, as 30.9 20.5 6.2 of same date in 2021 * Russia's agriculture ministry has yet to publish harvesting data in detail for the current season. ($1 = 59.8750 roubles) (Reporting by Olga Popova and Polina Devitt; editing by Kirsten Donovan)

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