Russian wheat export prices stable

Moscow, May 4 (Reuters): Russian wheat export prices remained stable last week against a backdrop of high energy and fertiliser prices, while initial forecasts for May exports were down by almost half compared with April.

The price of Russian wheat with 12.5 per cent protein content for free-on-board delivery in May was $238.5 a tonne at the end of last week, up $1.5 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

IKAR estimates May wheat exports at no more than 2.5 million tons. Its estimate for April exports is 3.8-4.0 million tonnes.

Sovecon consultancy expects prices for Russian wheat with 12.5 per cent protein content at between $239 and $241 a ton, the same as a week ago.

The agency also left its export forecast for April unchanged at 4.0 million tons.

Last week, the Russian Ministry of Agriculture confirmed that 97 per cent of crops were in good or satisfactory condition, while noting a significant delay in the spring sowing campaign.

Analysts regard the weather conditions - the warmer weather so far in May after a cold spell, as well as high soil moisture levels - as favourable for the new harvest.