Dry weather speeds up wheat harvesting in Russia
Harvesting of new crop wheat is underway in Russia. According to meteorologists, most of the southern regions of the country will see dry and hot weather at least till July 10, which will speed up the harvesting process. In the southern part of Stavropol, wheat crops have been harvested from 92,200 hectares by June 30, 2022 against 117,900 hectares as of the same date of 2021. The yield amounts to 2.73 tonnes per hectare compared with 2.35 t/ha last year.
A smooth and active harvesting campaign drags down wheat prices in both domestic and export markets. Thus, quotes for milling wheat with 12.5% protein content have dropped by $19.5/t to $388-398/t FOB Black Sea ports over the week ended July 1, while those for milling wheat with 11.5% protein content have plunged by $31.5/t to $375-394/t FOB Black Sea in the same period.