Russia, the world’s third-biggest wheat exporter last season, shipped about 2.5 million metric tons of grains from Aug. 1 through Aug. 29 and prices for cereals stabilized last week, the Agriculture Ministry said.
Exports included 2.1 million tons of wheat, 332,000 tons of barley and 3,000 tons of corn, the ministry said in a statement yesterday, without providing comparative numbers for last year.
About 4.6 million tons of grains have been shipped since the season started July 1, compared with 5.7 million tons in 2011.
Grain prices stabilized on the domestic market last week due to a “sufficient supply” of cereals from the new harvest, except in the Volga, Ural and Siberian regions, where crops have been damaged by drought, prompting purchases, the ministry said.
Average grain prices in Russia’s European part rose 0.4 percent period to 7,929 rubles ($246) a ton for third-grade milling wheat in the week ended Sept. 2. Fourth-grade milling wheat prices rose 0.2 percent to 7,638 rubles a ton and feed wheat was up 0.3 percent at 7,264 rubles a ton, the ministry said.
Russia’s wheat shipments are expected to fall 63 percent to 8 million tons in 2012-13, which would make it the fifth biggest exporter after the U.S., Australia, Canada and the European Union, according to the U.S. Department of Agriculture.
Wheat for December delivery rose 1 percent to $8.98 a bushel on the Chicago Board of Trade by 11:37 a.m. Moscow time. It’s gained 38 percent this year.