MOSCOW (Reuters) — Russian export prices for wheat fell for the third week in a row due to a strong crop outlook, analysts said on Monday.
Russia, one of the world’s key wheat exporters via the Black Sea, is likely to harvest 57.5 million tonnes of wheat in 2014, IKAR, a leading agriculture consultancy, said in a note.
“The forecast was upgraded (from a previously expected 56.3 million tonnes) thanks to higher yields in several regions,” Dmitry Rylko, the head of IKAR, added.
Russian prices for new wheat crop with 12.5 percent protein content were down $2 to US $242 per tonne at the end of last week, IKAR said.
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The quote was on a free-on-board (FOB) basis in the Black Sea compared with a week earlier. FOB prices for the same protein levels in the Azov Sea were flat at $217 per tonne.
Russia had harvested 33.2 million tonnes of wheat as of July 25, the latest data from the Agriculture Ministry showed.
From the start of this 2014-15 marketing year on July 1 to July 25, the country exported more than two million tonnes of grains, including 1.6 million tonnes of wheat.
