IKAR in Mass and Industry Media

RUSSIAN WHEAT EXPORT PRICES EDGE DOWN ON WEAKER ROUBLE

Reuters

MOSCOW: Russian wheat export prices fell slightly last week on a 1.5 percent weakening in the rouble that made Russian grains more competitive on global dollar-denominated markets, analysts said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content and for September delivery were $172 a tonne on a free-on-board (FOB) basis at the end of last week, down $1 from a week earlier, Russian agricultural consultancy IKAR said.

SovEcon quoted FOB wheat and barley prices in the Black Sea area unchanged from a week earlier at $175 per tonne and $154 per tonne respectively.

The country exported 4.5 million tonnes of grains, including 3.7 million tonnes of wheat, between July 1 and Aug. 24, the agriculture ministry said. Grain exports were down 1 percent year-on-year.

The official customs data has been lagging real supplies this year due to technical issues.

Domestic wheat prices rose 275 roubles last week, from the previous week, to 9,950 roubles ($153) a tonne in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

"The (domestic) market strengthening is still caused by slow sales from agriculture producers who are waiting for higher prices," SovEcon said in a note.

30.08.16

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