July 29, 2008

 

Russia's grain prices on a rapid decline
   
  

Russian grain prices are on a constant decline last week, led by feed grain, as the country harvests its crops, analysts said.

 

Domestic feed wheat and feed barley prices are nearing a virtual bottom, as there are rumours of bad quality Ukrainian grain and Russia is expecting a relatively high share of feed grains in the new crop, according to the Institute for Agricultural Market Studies (IKAR).

 

Over the last week, domestic feed wheat prices fell US$21 to US$195 per tonne, while barley dropped US$17 to US$167 per tonne, ex-silo. IKAR said food quality wheat prices are declining at a slower pace.

 

IKAR said there was no sunseed trade last week with crude sun oil losing about US$30 per tonne.

 

Sunseed crude oil prices shrunk to US$1,810 per tonne while new crop rapeseed oil reached US$1,335-US$1,340 per tonne.

 

New harvest rapeseed prices in southern Russia are fixed at about US$560-US$570 per tonne, including delivery to crushing factories.

 

SoyEcon said EXW bid prices for new rapeseed crop hovers around US$514.36 to US$557.23.

 

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