Russia's August wheat exports hit record 4.2 million tonnes
Russia's wheat prices rose for a second straight week due to a record pace of August exports, high domestic demand and a weak rouble that offset continuing harvesting, Reuters reports.
Russia, one of the world's largest wheat exporters, recorded overall exports of 4.7 million tonnes of all grains in August. Its top customers are in North Africa and the Middle East.
"It is the highest ever monthly export level," Russia's IKAR agriculture consultancy said. Wheat exports also hit an all-time record of 4.2 million tonnes.
Russia is set to harvest the largest wheat crop in six years due to favourable weather this year and has already harvested 50 million tonnes from 62% of its planned area, according to its Agriculture Ministry data.
IKAR expects the country to harvest 60.0 million tonnes of wheat, 20.2 million tonnes of barley and 12.7 million tonnes of corn.
Russian prices for milling wheat with 12.5% protein content were up US$2 last week at US$246 per tonne, IKAR said. The quote was on a free-on-board (FOB) basis in the Black Sea compared with a week earlier.
The rouble was 0.44% weaker against the dollar at 37.08 on Monday as investors anticipated new European sanctions against Russia. It hit an all-time low of 37.50 against the dollar early last week.