IKAR in Mass and Industry Media

Russian wheat up for 13th week on limited supply and stronger rouble

Reuters

MOSCOW, Oct 11 (Reuters) - Russian wheat export prices rose for a 13th consecutive week, supported by limited supply, a stronger rouble and a higher global benchmark in Paris, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in the second half of October was $310 a tonne, free on board (FOB) at the end of last week, up $3 from the previous week, said Dmitry Rylko, head of consultancy IKAR.

Sovecon, another consultancy, pegged wheat as having risen $6 to $312 a tonne and barley up $7 to $269 a tonne.

Russian wheat exports are down 27% since the start of the season on July 1 owing to a smaller crop and higher export tax.

The tax, which Moscow has set on a weekly basis since June, will rise to $58.70 a tonne for Oct. 13-19, up from the current $57.80. The price index on which it is based remains lower than the actual FOB price.

"We expect the global wheat market to be relatively flat or move higher," Sovecon said.

However, sowing is significantly behind the pace of last year.

Other Russian data provided by Sovecon and IKAR:

 Product:            Price at the end       Change from week
                        of last week:                earlier
 - Domestic 3rd         15,025 rbls/t               +25 rbls
 class wheat,               ($209.58)  
 European part of                      
 Russia, excludes                      
 delivery                              
 (Sovecon)                             
 - Sunflower seeds      37,450 rbls/t              +425 rbls
 (Sovecon)                             
 - Domestic             85,325 rbls/t            +1,650 rbls
 sunflower oil                         
 (Sovecon)                             
 - export                    $1,375/t                   +$55
 sunflower oil                         
 (Sovecon)                             
 - export                    $1,355/t                   +$55
 sunflower oil                         
 (IKAR)                                
 - soybeans             50,800 rbls/t              +200 rbls
 (Sovecon)                             
 - white sugar,              $623.9/t                  +$1.8
 Russia's south                        
 (IKAR)                                
 ($1 = 71.6925 roubles)

12.10.21

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