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Monday, October 2, 2023

Russian wheat up slightly, exports accelerate

MOSCOW: Russian wheat export prices rose slightly last week, helped by a stronger rouble, the IKAR agriculture consultancy said on Monday, adding that exports quickened with arrival of the new crop.

The United States last week issued clarification reassuring banks, shippers and insurance companies that transactions with Russian food and fertiliser exports would not breach Washington’s sanctions on Moscow.

Traders consider this clarification “with very careful optimism”, IKAR said in a note. It currently expects the country to export more than 2 million tonnes of wheat this month.

Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports rose by $2 to $360 a tonne free on board (FOB) at the end of last week, IKAR said.

Russia exported 500,000 tonnes of grain last week, compared with 340,000 tonnes the previous week, said fellow consultancy Sovecon, citing port data. Wheat prices for imminent supply were at $355-360 a tonne, it added.

Russian wheat up slightly, exports accelerate

Source: Brecorder

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