Russian wheat export prices are falling for the second week in a row on the imminent arrival of a giant harvest that is expected to surpass last year's record, analysts say.
The USDA and two leading Russian agricultural consultants SovEcon and IKAR sharply raised their 2017 wheat crop estimates late last week amid record harvests.
Black Sea prices for Russian wheat with 12.5% protein content and delivery in August were $ 192 a tonne free of charge (FOB) at the end of last week, down $ 2 from a week earlier, IKAR in a note for Monday. Wheat prices for 11.5 percent protein fell from $ 4 to $ 175 per tonne.
As of August 9, Russia has exported 3.7 million tonnes of grain since the start of the 2017/18 trading season on July 1, up 24 percent from a year ago. This amounted to 2.4 million tons of wheat, which is 2.6 percent more than in the same period last year.
Wheat harvest in Russia is still delayed from last year, but the gap narrowed to 2 percent by the end of last week from 5 percent a week earlier, SovEcon said.
Wheat prices in Russia fall as a large harvest arrives
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