IKAR in Mass and Industry Media

Russian wheat prices lower amid strong supplies

Reuters

MOSCOW, March 20 (Reuters) - Russian wheat prices declined last week on the back of continued high supplies from Russia and lower prices from the country's major competitors, including Ukraine, analysts said.

The dip in prices for Russian wheat also came as Moscow said last Tuesday it was extending the Black Sea grain deal - which would have expired on March 18 if any of the parties had objected to its continuation - for a period of 60 days.

Prices for Russian wheat with 12.5% protein content, delivered free on board (FOB) from Black Sea ports, fell $13 to $277 a tonne last week, the IKAR agriculture consultancy said.

Russia exported 870,000 million tonnes of grain during the week to 15 March - 750,000 tonnes of which was wheat, the SovEcon agriculture consultancy said. That was down from 1.14 million tonnes of grain and 1 million tonnes of wheat a week earlier, but remains at high levels compared to recent years.

SovEcon estimates Russia's wheat exports in March could reach 4.2 million tonnes, up from 2.1 million tonnes a year earlier and the highest level for March since 2018.

Other Russian data provided by Sovecon and IKAR:

Product:
Most recent data:
Change from week earlier

- Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)
12,050 rbls/t
-50 rbls/t

- Sunflower seeds (Sovecon)
26,100 rbls/t
-1,825 rbls/t

- Domestic sunflower oil (Sovecon)
77,025 rbls/t
-1,150 rbls/t

- Domestic soybeans (Sovecon)
33,600 rbls/t
no change

- Export sunflower oil (IKAR)
$990/t
no change

- White sugar, Russia's south (IKAR)
$700.17/t
-$4.70

20.03.23

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