IKAR in Mass and Industry Media

Russian wheat down with volatile rouble, geopolitical risks in focus

Reuters

MOSCOW, Feb 14 (Reuters) - Russian wheat export prices fell for a fifth consecutive week last week amid a weaker and volatile rouble currency, which remains under pressure during a diplomatic showdown between Moscow and the West over Ukraine.

The United States says Russia could invade Ukraine at any time and might create a surprise pretext for an attack, while Moscow rubbishes that as "hysteria".

Russian wheat with 12.5% protein content loading from Black Sea ports for supply in late February-early March stood at $318 a tonne free on board (FOB) last week, down $1 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, pegged wheat down $7 at $316 a tonne with barley steady at $298 a tonne.

Russian wheat exports are down by 43% since the start of the 2021/22 marketing season on July 1 because of a smaller crop and an export tax that had been set at $92.8 a tonne for Feb. 16-22.

The weather conditions remain friendly for the 2022 crop prospects with healthy precipitation in the majority of winter wheat-producing regions, Sovecon said. The ice crust, which was a big issue for farmers a year ago, is mostly absent, it added.

Other Russian data provided by Sovecon and IKAR:

($1 = 76.7850 roubles)

15.02.22

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