Russian wheat export prices continued to rise steeply last week amid worsening crop harvest forecasts across countries in Europe and the Black Sea region, analysts said on Monday.
Russia’s agriculture exports have surged by almost a third in the first five months of the year. Food is Russia’s second biggest export after oil and gas, helping to diversify the economy away from energy.
According to the data provided by Russia’s Agriculture Ministry, bilateral trade between the two states grew by 25% in the first half of 2018 year-on-year.
Ship-to-ship transfers have helped the world’s biggest wheat exporter negate grain storage and transport issues, with small boats carrying wheat to join up with big ships on the open sea.
Russian wheat export prices were stable last week due to concerns over dry weather, analysts said on Monday. Black Sea prices for the new crop of Russian wheat were at $200 a tonne on a free on board (FOB) basis at the end of last week, unchanged from a week earlier, the IKAR agriculture consultancy said in a note.
As the era of industrial agreements draws to a close, Russia’s government is shifting its focus from boosting domestic vehicle demand to encouraging exports