IKAR in Mass and Industry Media

Russian wheat prices stable amid weak demand

Reuters

May 30 (Reuters) - Russian wheat export prices were steady last week amid weak demand from importers, analysts said on Monday, adding that many exporters had already depleted their share of Russia's state grain export quota, which lasts until June 30.

Prices for wheat with 12.5% protein content and for supply from Black Sea ports in June were stable at $410 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said. Sovecon, another consultancy, pegged wheat at $400 to $410 per tonne. The global wheat market has been keeping an eye on diplomatic efforts to unblock Ukraine's grain exports from the Black Sea ports, and Russia has said it could open "humanitarian corridors" for some vessels.

"Even if some vessels with grain loaded in late February or early March could leave, this is very far from reopening of the terminals and resumption of exports," Sovecon said. "We continue to doubt that Moscow is interested in reopening of the Ukrainian sea terminals until there is a truce," it added.

Russia exported 360,000 tonnes of grains last week compared with 300,000 tonnes a week earlier, Sovecon said, citing data from ports. Spring grains were planted on 23.0 million hectares as of May 26 vs 24.9 million hectares a year ago as the pace of sowing is lagging in the European part of Russia, Sovecon said. Rains are expected to arrive to Russia's main grain producing regions this week, except the southern ones, Sovecon said.

Other Russian data provided by Sovecon and IKAR: Product: Price at the end change from week of last week: earlier - Domestic 3rd class 15,125 rbls/t -250 rbls wheat, European part ($240.46) of Russia, excludes delivery (Sovecon) - Sunflower seeds 34,750 rbls/t -4,425 rbls (Sovecon) - Domestic sunflower 100,500 rbls/t -5,525 rbls oil (Sovecon) - Domestic soybeans 45,700 rbls/t -4,800 rbls (Sovecon) - Export sunflower $1,920/t -$80 oil (Sovecon) - Export sunflower $1,850/t -$40 oil (IKAR) - White sugar, $967/t -$21.8 Russia's south (IKAR) ($1 = 62.9000 roubles).

31.05.22

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