Prices of Russian wheat exports fall flat

Another agriculture consultancy, Sovecon, saw the price for the same class of wheat fall by US$1 leaving the price at US$228 – 234 /t FOB.

"Russian grain is priced competitively at the moment but demand from buyers is muted," Sovecon stated in its weekly report.

Russia exported 1.08 million t of grain this past week, like the week before, including 0.99 million t of wheat, compared with 0.94 million t the previous week, Sovecon wrote as they cited port data.

Sovecon’s estimation of wheat exports in October was amended up 0.2 million t from last week to 4.4 million t. This sees a decrease when compared with 4.5 million t from last year but sits above the calculated average of 4.1 million t.

During last week, the Ministry of Agriculture of the Russian Federation increased its own estimates of the grain harvest and exports. The wheat harvest as of the 26 October totalled 93.6 million t; a noticeable dip from the 104.5 million t ? year earlier. The lower harvest comes from a year when 28.8 million hectares (ha.) were planted versus the prior year's 29.2 million ha.

Per hectare the average yield came in at 3.25 t per ha., another dip when compared against the 3.58 t per ha. a year before. The average yield came in at 3.25 t per ha., against 3.58 t per ha. the year prior.

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