Russian wheat export prices were largely unchanged last week, supported by a new floating duty in Russia and improving crop forecasts ahead of the start of the new marketing season, analysts said on Monday.
Wheat exports from Russia, Ukraine and Kazakhstan are expected to rise by 5% in the new 2021/22 marketing season, which starts on July 1, a Reuters poll showed earlier this month.
Prices for new-crop Russian wheat with 12.5% protein loading from Black Sea ports and for supply in July were $249 a tonne free on board (FOB) at the end of last week, up $1 from the previous week, the IKAR agriculture consultancy said in a note.
Russia’s wheat export tax, which Moscow introduced on June 2 and is changing each week, has risen to $41.30 per tonne. This is expected to boost Russian exports in June.
The market is under pressure on the start of the new harvest of a bumper crop and lower global benchmarks, Sovecon, another consultancy in Moscow, said.
Southern Ukraine and part of southern Russia received more rains and more importantly rains continued in Russia’s Siberia, the key spring wheat grower, it added.
Source: Reuters (Reporting by Olga Popova and Alexander Marrow; Editing by Richard Chang)