IKAR in Mass and Industry Media

Russian wheat export prices up on weak western Europe crop

Agweek.com

MOSCOW - Russian wheat export prices rose last week, boosted by a weak crop in Western Europe, analysts said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content were $164 a metric ton on a free-on-board (FOB) basis at the end of last week, up from $161.5 a week earlier, Russian agricultural consultancy IKAR said in a note.

"First and foremost this is to do with the quality and quantity of the Western European crop," said IKAR analyst Dmitry Rylko.

Prospects for the soft wheat harvest in Europe has deteriorated sharply in recent weeks due to worse than forecast damage from torrential spring rain.

SovEcon, another Moscow-based consultancy, quoted FOB wheat prices in the Black Sea area at $164.5 per metric ton, up $1.5 from a week earlier.

Russia exported 1.7 million metric tons of grains, including 1.2 million metric tons of wheat, between July 1 and July 27, the agriculture ministry said. The pace of grain exports was up 7.4 percent year on year.

Domestic prices for third-class wheat fell 75 roubles compared with the week earlier to 9,550 roubles ($143.92) a metric ton in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

IKAR's white sugar price index for southern Russia was at $693.5 a metric ton at the end of last week, down from $747 a week earlier.

02.08.16

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