IKAR in Mass and Industry Media

Russian wheat prices fall on weaker rouble

Reuters

MOSCOW, Dec 26 (Reuters) - Russian wheat prices fell last week following a weaker rouble currency RU/RUB and high domestic supply amid a record crop, analysts said on Monday, adding that the pace of sea shipping had picked up after storms.

Prices for Russian wheat with 12.5% protein content and for supply from Black Sea ports in January were at $307 a tonne free on board (FOB) on Friday evening, down $5 from a week earlier, the IKAR agriculture consultancy said in a note.

Russian grain exports rose to 1.1 million tonnes last week from 840,000 tonnes in previous week as the weather in the Black Sea improved after storms, another consultancy Sovecon said, citing port data.

Wheat prices for immediate delivery fell by $1 to $307-311 per tonne, it added.

Russia's agriculture ministry has already bought 3.0 million tonnes of grain from the domestic market for the state stockpile in the current July-June season, Sovecon added.

Rains arrived to part of Russia's southern region, a major winter grain producer, last week and more precipitation is expected this week, Sovecon said, signalling improving conditions for the sowings after dry weather.

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)
12,375 rbls/t
-50 rbls

- Sunflower seeds (Sovecon)
25,425 rbls/t
+350 rbls

- Domestic sunflower oil (Sovecon)
77,175 rbls/t
+2,000 rbls

- Domestic soybeans (Sovecon)
31,600 rbls/t
+50 rbls

- Export sunflower oil (Sovecon)
$1,150/t
+$10

- Export sunflower oil (IKAR)
$1,100/t
unchanged

- White sugar, Russia's south (IKAR)
$720.9/t
-$25.6

Harvesting data provided by Sovecon as of Dec. 22:
All grains:
Wheat
Barley
Corn
Sunseeds

Crop, mln tonnes
159.6
105.8
24.6
13.9
15.7

Crop, as of same date in 2021
126.9
79.1
19.0
16.1
15.8

Yield, tonnes/hectare
3.44
3.62
3.10
6.03
1.79

Yield, as of same date in 2021
2.79
2.84
2.41
5.58
1.65

Harvested area, mln hectares
46.4
29.3
7.9
2.3
8.8

Harvested area, as of same date in 2021
45.4
27.8
7.9
2.9
9.6

* Russia's agriculture ministry has yet to publish detailed harvesting data for the current season.

** The harvesting data is by bunker weight, i.e. before drying and cleaning of the crop.

27.12.22

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