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Monday, October 2, 2023

Russian wheat prices rise with global prices, exports slow down

MOSCOW: Russian wheat export prices rose last week following higher wheat prices in Paris, analysts said on Monday, adding that the country’s exports continued to slow down due to seasonal factors.

Prices for wheat with 12.5% protein content from Black Sea ports were at $395-405 free on board (FOB) at the end of last week, up $10 from a week earlier, the Sovecon agriculture consultancy said.

IKAR, another consultancy, said that the price rose by $20 to $410 per tonne, but there were no deals signed.

Russia exported 300,000 tonnes of grains last week compared with 330,000 tonnes a week earlier, Sovecon said, citing data from ports.

The consultancy expects Russia’s May wheat exports at 800,000 tonnes, down from 2.2 million tonnes in April as the state export quota is being depleted.

In the domestic market, prices fell due to the stronger rouble currency, muted demand from exporters and domestic consumers, as well as rising supply from farmers who liquidate their grain stocks ahead of the new crop.

Spring grains were planted on 16.8 million hectares as of May 17 vs 17.0 million hectares a year ago as the sowing started to lag in Russia’s Volga region, Sovecon said.

Ample rains are expected in many wheat producing regions of Russia this week, including the southern Rostov region which has been dry recently.

Russian wheat prices rise with global prices, exports slow down

Source: Brecorder

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