Russian wheat export prices keep rising

MOSCOW, May 13 (Reuters): Russian wheat export prices rose last week as the current crop was hit by unseasonal May frosts.
The price of 12.5 per cent protein Russian wheat scheduled for free-on-board (FOB) delivery in June was $221 a tonne, up from $216 a tonne the previous week.
The Sovecon agriculture consultancy pegged the same class of wheat at $223-227 a ton, up from $215 to $219 a tonne FOB.
Three of Russia's key grain-growing areas declared a state of emergency last week, citing May frosts which have caused severe damage to crops and will reduce this year's harvest.
Russia's harvest in 2024 will be ample to maintain food security despite the frosts, Dmitry Patrushev, the acting agriculture minister who has been nominated for the post of deputy prime minister in the next government, said at the weekend.
Russia's agriculture ministry has not changed its grain crop forecast of 132 million metric tons in 2024 but may adjust it due to bad weather, the Interfax news agency quoted Oksana Lut, nominated for the post of agriculture minister, as saying on Sunday.
Russia is the world's largest wheat exporter. Its exports rose to 0.91 million metric tons of grain last week, from 0.77 million metric tons the previous week.