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Russian wheat prices rise amid dry weather, high demand

Reuters, 27.10.20

* Weather conditions for 2021 crop have improved after rains
* Domestic prices for wheat, sunflower continue to rise

MOSCOW, Oct 26 (Reuters) - Russian wheat export prices rose for the fourth consecutive week last week after dry weather in several regions and high demand from importers, analysts said on Monday.

Farmers in Russia, one of the world's largest wheat exporters, have been sowing winter wheat in dry soil this year, increasing risks for the 2021 crop, though weather conditions have been gradually improving in the last two weeks.

Russian wheat with 12.5% protein loading from Black Sea ports and for supply in November was at $257 a tonne free on board (FOB) at the end of last week, up $6 from the previous week, agriculture consultancy IKAR said in a note.

Sovecon, another Moscow consultancy, said wheat rose by $7 to $255 per tonne, while barley rose by $3 to $210 a tonne. Domestic prices for wheat continued to climb sharply amid strong demand both from domestic consumers and exporters.

"Farmers are cautiously watching the constantly growing market still anticipating higher prices," Sovecon said. "At the same time, rumours about export restrictions and rouble/dollar reversal may encourage them to sell more."

Russia's agriculture ministry has said it will impose a quota on Russian grain exports for January-June. It is yet to disclose its size. The rouble hit a one-month high against the dollar late last week, but has weakened since then.

Other Russian data provided by Sovecon and IKAR:

Product: Price at the end Change from week of last week: earlier

- Domestic 3rd 15,500 rbls/t +450 rbls class wheat, ($202.6) European part of Russia, excludes delivery (Sovecon)
- Sunflower seeds 31,550 rbls/t +675 rbls (Sovecon)
- Domestic 75,175 rbls/t +1,000 rbls sunflower oil (Sovecon)
- export $970/t +$10 sunflower oil (Sovecon)
- export $975/t +$8 sunflower oil (IKAR)
- white sugar, $570.8/t +$6.4 Russia's south (IKAR)

($1 = 76.5000 roubles)

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