IKAR in Mass and Industry Media

Russian wheat price falls amid rising exports, downward global price trend

Reuters

MOSCOW, March 6 (Reuters) - Russian wheat prices extended declines last week amid a downward trend on global markets, increased Russian exports and continued uncertainty around the fate of the Black Sea grain deal, analysts said.

The market is still waiting for clarity on whether an accord to allow safe passage for Black Sea grain exports will be extended later this month.

The initiative, which allows grain to be exported from three Ukrainian ports despite a Russian blockade, is up for renewal on March 18, but Russia has signalled it is unhappy with certain aspects of the deal.

Prices for Russian wheat with 12.5% protein content, delivered free on board (FOB) from Black Sea ports, were down $4 to $292, compared to $296 last week, IKAR agriculture consultancy said.

Russian wheat exports totalled 890,000 tonnes last week, compared with 530,000 the previous week, Sovecon said, citing port data.

Other Russian data provided by Sovecon and IKAR:

 Product:              Most recent data:    Change from week
                                                     earlier
 - Domestic 3rd class      12,150 rbls/t         -100 rbls/t
 wheat, European part                     
 of Russia, excludes                      
 delivery (Sovecon)                       
 - Sunflower seeds         27,750 rbls/t         -675 rbls/t
 (Sovecon)                                
 - Domestic sunflower      78,175 rbls/t         -675 rbls/t
 oil (Sovecon)                            
 - Domestic soybeans       32,700 rbls/t         -450 rbls/t
 (Sovecon)                                
 - Export sunflower             $1,020/t                   0
 oil (IKAR)                               
 - White sugar,                $712.87/t              -$1.80
 Russia's south                           
 (IKAR)                                   

($1 = 75.44 roubles)

07.03.23

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