IKAR in Mass and Industry Media

Russian wheat prices rise after brief respite

Reuters

Russian wheat exports are down by 29% since the start of the 2021/22 marketing season

MOSCOW- Russian wheat export prices gained last week after a brief pause on the back of a stronger rouble currency RU/RUB and higher global prices for the grain, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in the first half of November was $312 a tonne free on board (FOB) at the end of last week, up $2 from the previous week, said Dmitry Rylko, head of IKAR.

Sovecon, another consultancy, pegged wheat as having risen $3 to $316 a tonne while barley was up $2 at $273 a tonne. Russian wheat export prices were stable on Oct. 8-15 after 13 weeks of consecutive growth.

Russian wheat exports are down by 29% since the start of the 2021/22 marketing season on July 1, partly because of the state export tax, which will continue to rise this week.

Farmers had sown winter grains on 17.0 million hectares for next year's crop, down from 17.9 million hectares at the same date a year ago, according to the agriculture ministry.

The weather conditions remain good for development of their sowings due to earlier healthy rains, Sovecon said. It expects Russia's 2022 wheat crop to rise to 80.7 million tonnes from 75.5 million tonnes in 2021.

Other Russian data provided by Sovecon and IKAR:

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

- Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)
14,975 roubles/t ($213)
-175 rbls

- Sunflower seeds (Sovecon)
38,250 rbls/t
+450 rbls

- Domestic sunflower oil (Sovecon)
87,675 rbls/t
+2,350 rbls

- export sunflower oil (Sovecon)
$1,410/t
+$60

- export sunflower oil (IKAR)
$1,400/t
+$40

- soybeans (Sovecon)
50,800 rbls/t
unchanged

- white sugar, Russia's south (IKAR)
$633.9/t
+$7

($1 = 70.3175 roubles)

26.10.21

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