Wheat export prices in Russia resumed their decline last week amid record harvests in Ukraine and Romania, according to the Institute for Agricultural Market Studies. "Ukraine, Romania and Russia have a colossal amount of grain that they need to sell," the report says.
Prices in Ukraine fell 2.7 percent to $ 160.5 a tonne last week, according to a Kiev-based market analyst UkrAgroConsult. Wheat shipped at Black Sea ports fell 1.8 percent from a week earlier to $ 162 a tonne as of Friday. Prices dropped after four weeks of decline.
However, thanks to the use of the program for transport logistics in the agricultural sector, online grain transportation is provided, which improves the interaction between elevators and other objects in the chain to obtain best results.
Prices are falling for crops in Russia, Ukraine and Romania. Russia and Romania set record harvests. Ukraine is expected to harvest its third largest harvest since the collapse of the Soviet Union in 1991, the USDA shows, but EU supply quotas limit its exports. In these conditions, Russia will regularly appear in tenders, striving to emerge as a winner, especially held by Egypt, the largest buyer of wheat in the world.
At the same time, French wheat is rising for the third week as of Friday, according to the culture office of FranceAgriMer. The price of wheat with a minimum protein content of 11 percent for loading at the Port of Rouen added 4.6 percent from a week earlier to the equivalent of $ 186.39 per tonne. Prices increased amid a worsening crop forecast. According to German traders at BayWa AG, this year's harvest could plunge 17 percent to 34 million tonnes.
