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Bad weather affected prices in the Black Sea region

Лошото време се отрази на цените в Черноморския регион
Russia's Black Sea regions have been battered by strong storms since Friday, disrupting logistics and damaging homes and infrastructure. Three people have died and hundreds have been evacuated, state media said on Monday.

The storm hit the southern part of the country, where large waves washed over the beaches of the resort of Sochi, stormy winds blew off the roof of a five-story building in Anapa and damaged homes and schools in the Kuban, the Associated Press reported.

Thus, Russian wheat export prices rose, helped by a continued drop in supplies due to rough weather at ports, analysts said.

The price of Russian wheat with 12.5% ​​protein scheduled for free board (FOB) delivery in January was $235 a tonne last week, up $5 from the previous week, agricultural consultancy IKAR said.

"News of Black Sea storms damaging or even destroying ships in the region could also provide some support. However, keep in mind that we are approaching a season of stormy weather, so it is not out of the ordinary," company officials said in their weekly report.

Russia exported 0.72 million tonnes of grain last week, down from 0.81 million tonnes the previous week. Exports included 0.56 million tonnes of wheat, compared with 0.75 million tonnes the previous week, SovEcon said, citing port data.

It lowered its estimate for November wheat exports by 0.1 million tonnes to 3.8 million tonnes, down from 4.3 million tonnes a year ago.

The wheat harvest as of November 24 amounted to 94.7 million tons compared to 105.2 million tons a year earlier. The average yield is 326 kilograms per hectare, compared to 360 kilograms per hectare a year ago.

Sowing of winter cereals was carried out on an area of ​​18.6 million hectares, compared to 17.6 million hectares last year, SovEcon said.

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