9 hours ago
- Business
- Business Recorder
Russian wheat export prices up following global rates
MOSCOW: Russian wheat export prices rose last week, tracking global rates amid rising geopolitical tensions and weather problems in a number of countries, including Russia, analysts said.
The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery by July-end was $227 per metric ton at the end of last week, up $5 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy.
The SovEcon consultancy estimated new crop offers at $226-$230 per ton, compared with $225–$229 the week before.
'(Russian wheat's) competitive edge improved significantly after a sharp rise in European prices,' SovEcon wrote in a weekly note.
SovEcon lowered its estimate of wheat exports in June to 1.2 million tons from 1.5 million tons. IKAR maintained its estimate at about 1 million tons.
Rusagrotrans raised its export forecast for June 2025 to 1.25 million tons from 1.06 million tons. The railway operator estimated exports in July 2025 at the same level as a year before, at 3.6 million-4.0 million tons.
The harvesting campaign started in a number of Russian regions.
Grain sowing slowed after a fast start, reflecting reduced profitability, SovEcon said.
The agency reduced its forecast for spring wheat acreage in Russia to the lowest for the decade, at 11.8 million hectares from 12.7 million hectares, against 12.3 million hectares in 2024.
Last week, Rostov was joined by another of the country's largest grain-growing regions, Krasnodar, in declaring a state of emergency due to drought in northern districts.
At the same time, the Ministry of Agriculture expects a harvest slightly higher than last year. The wheat harvest could reach 90 million tons, Minister Oksana Lut said last week. New season wheat exports are forecast at 45 million tons.
