Export prices for wheat in the Russian Federation jumped sharply and the price of sunflower oil increased by 2.000 rubles to 94.325 rubles per ton

Published 2021년 8월 16일

Tridge summary

Russian wheat export prices have surged due to concerns over the new harvest, driven by the USDA's reduction in global wheat production forecasts because of adverse weather in Russia, Canada, and the United States. Despite IKAR's reduced harvest forecast, the Russian Ministry of Agriculture maintains the previously announced figures. Russia has experienced a 28% decrease in grain exports, including a 25% drop in wheat exports, since the start of the 2021/22 marketing season. Meanwhile, domestic market prices for wheat and sunflower oil have risen, and the export duty for wheat has decreased.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

MOSCOW, Aug 16 (Reuters) - Export prices for Russian wheat jumped sharply last week following the global bourses on concerns over the new harvest. Last week, the United States Department of Agriculture (USDA) lowered its forecast for global wheat production in the 2021/22 season, noting unfavorable weather conditions for crops in Russia, Canada and the United States. According to IKAR, the price of a ton of wheat of the new crop with 12.5% protein content and delivery in August jumped over the past week in Novorossiysk by $ 20 to $ 287 free on board (FOB). SovEkon recorded a price increase of $ 18 to $ 286 per ton. Analysts continue to cut their forecasts for the wheat harvest in the Russian Federation. Last week, IKAR cut its forecast. However, the Russian Ministry of Agriculture confirmed the previously announced figures. According to the Ministry of Agriculture of the Russian Federation, as of August 6, 2021, 68.2 million tons of grain were produced in the country, of which ...

Source: Oilworld