Source: Oleoscope (Russia)
Export prices for Russian wheat with a protein content of 12.5% rose for the first time in two months to USD 222/ton FOB, an increase of USD 5/ton compared to the previous week, reports Agroinvestor.
At the same time, French and German wheat prices rose to USD 240/tonne and USD 243/tonne respectively, while US wheat fell to USD 211/tonne.
The price increase in Europe was due to deteriorating harvest conditions in France and an expected decline in yields in Russia. In the Baltic states, heavy rainfall is worsening the quality of wheat and barley, while in the US, high spring wheat yields are driving prices down, although harvest conditions are also deteriorating due to drought.
On the domestic market, prices for 4th grade wheat rose to 14,000 rubles/ton in the south, fell to 12-12,800 rubles/ton in the Volga region and to 12,500 rubles/ton in the center.
Analysts at Rusagrotrans revised their forecast for wheat exports in July, raising it from 2.5 million tons to 3.3 million tons, while a delivery volume of 4-4.5 million tons is expected for August. The export duty on wheat will be 906.4 rubles per ton from July 31 to August 6, which is 634 rubles less than in the previous week.