MOSCOW, July 5 (Reuters) – Russian wheat export costs fell final week in anticipation of excessive new harvest volumes and towards a backdrop of competitors amongst suppliers, analysts stated on Monday.
New-crop Russian wheat with 12.5% protein loading from Black Sea ports and for provide in July was $242 a tonne free on board (FOB) on the finish of final week, down $7 from the earlier week, the IKAR agriculture consultancy stated in a be aware. 0#IKAR
One other consultancy, Sovecon, recorded a decline of $4.5 to $246 a tonne FOB for the week.
Russia’s wheat export tax, which Moscow launched on June 2 and is altering every week, will drop to $41.20 per tonne from July 7, in keeping with knowledge from the agriculture ministry. The low stage of the tax is anticipated to spice up Russian exports.
“We anticipate Russian FOB to maneuver barely decrease on the sturdy competitors with different origins and weaker home costs,” Sovecon stated.
Yields in Russia’s south, the place harvesting has began, had been near a document, whereas within the Volga and Saratov areas they had been barely beneath common, Sovecon stated.
Different Russian knowledge offered by Sovecon and IKAR:
Product:
Value on the finish of final week:
Change from week earlier
– Home third class wheat, European a part of Russia, excludes supply (Sovecon)
13,175 rbls/t ($179)
-350 rbls
– Sunflower seeds (Sovecon)
40,925 rbls/t
-3,750 rbls
– Home sunflower oil (Sovecon)
100,000 rbls/t
unchanged
– export sunflower oil (Sovecon)
$1,115/t
unchanged
– soybeans (Sovecon)
48,800 rbls/t
-500 rbls
– white sugar, Russia’s south (IKAR)
$571.94/t
-$25.66
($1 = 73.4607 roubles)
(Reporting by Olga Popova; Writing by Alexander Marrow; Modifying by Alexander Smith)
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