MOSCOW: Russian wheat export prices remained flat for the second week in a row amid low demand and export restrictions in the Russian market, analysts said.
Dmitry Rylko, head of the IKAR consultancy, said the price of Russian wheat with 12.5% protein, set for free-on-board (FOB) delivery in the second part of December, was $226 per metric ton at the end of last week, unchanged from the previous week.
The Sovecon consultancy said prices for Russian wheat with the same protein content and on the same delivery terms were at $226-229 per ton compared to $228-$231 the previous week.
Weekly grain exports are estimated at 630,000 tons, including 550,000 tons of wheat, which is a decrease from 850,000 tons of grain and 720,000 tons of wheat the previous week, Sovecon said.
The agency lowered its November wheat export estimate by 0.1 million tons to 4.1 million tons, up from 3.2 million in November 2023.
There were no official confirmations of Russian wheat purchases at international grain tenders last week.
Late last week, earlier than usual, Russia announced an export quota for the second half of the 2024/25 season that will be almost three times lower than the previous season’s quota.
Harvesting campaign 2024 in Russia is almost complete, and sowing of grain crops for the 2025 harvest is also nearing completion.
Russian farmers harvested 128.0 million tons of grain in bunker weight compared with 146.6 million tons in 2023, including 84.5 million tons of wheat compared with 94.7 million tons last year, Sovecon said in a weekly note.
Winter grains were sown at 17.6 million hectares compared to 18.6 million hectares in 2023.
Source: Brecorder
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