September 12, 2012

 

Russia buys 100,000 tonnes of wheat
 

 

In July and August, Russia, the world's third-biggest wheat exporter last season, bought at least 100,000 tonnes of wheat.

 

Wheat purchases this year will be "important" in balancing local supply and demand, the Moscow-based researcher said. That contrasts with prior periods, when "good crops" meant imports were "insignificant" for the domestic grain balance, according to SovEcon.

 

Russia imported 89,000 tonnes of wheat in the 2010-11 season, when the country's worst drought in at least 50 years seared fields, and 100,000 tonnes in the following period, USDA estimates show. Inbound shipments in the current 2012-13 season through June may come to 200,000 tonnes, according to the USDA, after more dry weather hurt crops.

 

Wheat exports from Russia may drop to eight million tonnes in 2012-13 from 21.6 million tonnes in the previous period because of the drought, USDA estimates show. That would rank the country fifth among shippers of the grain after the US, Australia, Canada and the EU.

 

Wheat for December delivery rose 0.1% to US$8.9075 a bushel on the Chicago Board of Trade by 4:13 p.m. Moscow time. Prices are up 36% in 2012.

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