IKAR in Mass and Industry Media

Russian wheat prices edge up on stormy weather conditions in Black Sea

Reuters

MOSCOW, Feb 13 (Reuters) - Russian wheat prices rose last week on the back of stormy weather in the Black Sea and a rise in global prices, analysts said on Monday.

Prices for Russian wheat with 12.5% protein content, delivered free on board (FOB) from Black Sea ports, were up $1 from last week to $298 per tonne, the IKAR agriculture consultancy said.

Loadings at ports were down significantly during the week due to poor weather in the Black Sea hitting Russia's capacity to export.

Russia's grain exports dropped from 1.02 million tonnes to 660,000 tonnes during the week, SovEcon said, citing port data.

In February, SovEcon says it sees Russia's grain exports at 3.4-3.9 million tonnes for the month, up from 2.3 million tonnes during the same month last year, and comfortably above the February average for recent years of around 2.5 million.

Russia's agriculture ministry set the wheat export duty at 4,653.5 roubles per tonne in the period Feb. 15-21, up from 4,496.6 roubles for the previous week.

Sowing of spring crops could begin in the south soon, after the ministry also said Russia was ready for the spring season.

SovEcon analysts said they expect the moisture content of soils in the south of the country to increase in the next two weeks, just in time for the start of the growing season for winter wheat, which usually begins in March.

Other Russian data provided by Sovecon and IKAR:

 Product:              Most recent data:    Change from week
                                                     earlier
 - Domestic 3rd class      12,500 rbls/t         -100 rbls/t
 wheat, European part                     
 of Russia, excludes                      
 delivery (Sovecon)                       
 - Sunflower seeds         29,025 rbls/t         +875 rbls/t
 (Sovecon)                                
 - Domestic sunflower      80,750 rbls/t       +2,000 rbls/t
 oil (Sovecon)                            
 - Domestic soybeans       33,950 rbls/t         +350 rbls/t
 (Sovecon)                                
 - Export sunflower             $1,140/t                -$20
 oil (Sovecon)                            
 - White sugar,                $721.64/t              -$0.80
 Russia's south                           
 (IKAR)                                   

($1 = 73.78 roubles)

15.02.23

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