MOSCOW (Reuters) — Russian export prices for wheat fell for the third week in a row because of a strong crop outlook, analysts say.
Russia, one of the world’s key wheat exporters via the Black Sea, is likely to harvest 57.5 million tonnes of wheat this year, said IKAR, a leading agriculture consultancy.
“The forecast was upgraded (from a previously expected 56.3 million tonnes) thanks to higher yields in several regions,” added Dmitry Rylko, the head of IKAR.
Russian prices for new wheat crop with 12.5 percent protein content were down $2 to $242 US per tonne in late August, IKAR said.
The quote was on a free-on-board basis in the Black Sea compared with a week earlier, while f.o.b. 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.
The country exported more than two million tonnes of grain, including 1.6 million tonnes of wheat, from the start of the 2014-15 marketing year.
