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Russian wheat prices down amid higher domestic supply

Russian wheat export prices fell last week amid higher domestic supply from farmers willing to free up storage before the new crop arrives in summer, analysts said on Wednesday.

Russia, one of the world’s largest wheat exporters,
continues to export despite difficulties with logistics and
payments caused by Western sanctions on Moscow over what Russia terms its “special military operation” in Ukraine.

Prices for wheat with 12.5% protein content for supply in
May from Black Sea ports were down by $10 to $370 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, said Russia exported 780,000
tonnes of grains last week, citing data from ports, compared
with 590,000 tonnes a week earlier.

Russian wheat prices rise with active exports

“This is the highest weekly amount of wheat exports since
mid-February,” it added. Publication of import-export data by
Russia’s customs service remains suspended.

Sovecon expects the pace of wheat exports from Russia to
slow down in coming weeks as the state export quota is being
depleted, the rouble currency is strong amid capital controls
and the export tax is rising.

In the sunflower oil market, Russia set its export tax at
$525 per tonne for June, up from $372 per tonne in May, the
agriculture ministry said on Wednesday.

Spring grains were planted on 3.3 million hectares as of
April 28 vs 3.6 million hectares a year ago as the sowing
campaign is lagging in Russia’s Central and Volga regions.

Russian wheat prices down amid higher domestic supply

Source: Brecorder

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