Russian grain prices stable ahead of the new crop

New harvest ordinary milling wheat with 11.5 percent proteincontent and bug damage of up to 2 percent was priced at close to $166 per tonne FOB Black Sea, which is likely to become the start up price of the cereal in the new season, the Institute for Agricultural Market Studies (IKAR) said. SovEcon agricultural analysts said new crop fourth-grade(ordinary) wheat prices CPT (including delivery to) Novorossiisk were cited at 4,500-4,700 roubles ($145.8-$152.2) per tonne. It said the price of barley, the harvesting of which hasalready started in the Krasnodar region, was put at 2,700-2,900 roubles CPT Novorossiisk and at 2,200-2,400 roubles per tonne in silo. New crop barley was fixed at around $120-$122 per tonne, FOBBlack Sea, IKAR said. Most major traders have stopped purchases at ports, SovEconsaid. Those who remained active, kept prices for fourth-grade(ordinary) wheat at 5,000-5,150 roubles per tonne CPT Novorossiisk and 4,200-4,400 roubles including delivery to shallow water ports. Processors have also reduced purchasing activity, which mayindicate that some of them have replenished their stocks and are waiting for the new crop grain, SovEcon said. By the middle of June, Russian grain export amounted to 20.5million tonnes, down from 21.6 million tonnes a year ago, IKAR said. The exports included 17.35 million tonnes of wheat, downfrom 17.30 a year ago and 2.65 million tonnes of barley, down from 3.0 million tonnes, it said. Exports in the first half of June were around 650,000 tonnesand IKAR expected them to reach 1.30 million tonnes in the whole of the month compared to 1.45 million in June 2009. This means total grain exports may reach 21.10 million tonnes in the 2009/10 crop year, down from 22.37 million in the previous season, IKAR said.

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