MOSCOW (Dispatches) - Russian wheat export prices rose further last week due to concerns that cold and rainy weather in May could hit the quality of the harvest and also due to a stronger rouble currency, analysts said on Monday.
Farmers are becoming more concerned about the new harvest due to excessively wet and cold spring weather, Russian agricultural consultancy SovEcon said. Many farmers still expect a good crop but predict more modest quality.
"The development of sowings is lagging behind schedule. The cold weather of the past weeks has negatively affected the potential yields of sugar beet, soybeans and barley. The risks of disease development are rising," it said.
SovEcon and IKAR, another Moscow-based consultancy, both said that Black Sea FOB prices for Russian wheat with 12.5 percent protein content rose $1 at the end of last week from a week earlier to $186.50 and $186 per ton, respectively.
SovEcon pegged prices for the new crop for July-August delivery at $172-175 a tonne, up $1.50, while IKAR put prices at $174, unchanged from the previous week. The rouble rose 0.7 percent against the dollar last week, helped by stronger oil prices.
****Russian farmers are concerned about the new harvest due to excessively wet and cold spring weather in Russia.