IKAR in Mass and Industry Media

Russian wheat prices broadly flat, supported by export demand

AGWEEK.com

MOSCOW - Russian wheat prices were broadly flat last week, supported by high export demand after a cut in taxes on foreign sales, analysts said on Monday.

Russia, a key supplier to North Africa and the Middle East, reduced its state wheat export tax from Oct. 1.

Black Sea prices for Russian wheat with 12.5 percent protein content were up $1 at $198 per ton on a free-on-board (FOB) basis at the end of last week from a week earlier, agriculture consultancy IKAR said in a note.

SovEcon, another Moscow-based consultancy, said FOB prices were flat at $201 per ton.

SovEcon estimates that Russia will export 3.3 million tons of grains in October, including 2.1 million tons of wheat, down from 4.1 million tons of grain in September.

Domestic prices for third-class wheat were flat at 10,550 roubles ($169.29) per ton in the European part of Russia, on an ex-works basis, SovEcon said.

The Russian government is expected to restart its grain restocking programme on Oct. 27 after recently increasing prices, it added.

SovEcon said average prices for sunflower seeds were down 675 roubles at 23,575 roubles per ton. Domestic sunflower oil prices were up 825 roubles at 50,000 roubles per ton, while export prices were up $20-30 at $800 per ton.

IKAR's white sugar price index for southern Russia was at $616 per ton, down $3 from a week earlier.

28.10.15

All viewing: 118
Discuss