IKAR in Mass and Industry Media

Russian wheat export prices extended rise last week as Black Sea weather curbed shipments

Reuters

MOSCOW, Dec 4 (Reuters) - Export prices for Russian wheat rose last week amid continued adverse weather conditions for shipments in the Black Sea, analysts said.

The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in January was $236 per metric ton, up $1 from the previous week, the IKAR agriculture consultancy reported.

The Sovecon agriculture consultancy pegged the same class of wheat at $236-239 a ton FOB last week compared to $234-239 the week before.

Russia exported 0.45 million tons of grain last week, down from 0.72 million tons the previous week. The exports included 0.37 million tons of wheat, compared with 0.56 million tons the previous week, Sovecon wrote, citing port data.

It lowered its estimate of wheat exports in November by 0.4 million tons to 3.4 million tons, compared with 4.3 million tons a year ago.

Harvesting of the 2023 crop is almost complete. The Agriculture Ministry said early last week that Russia had harvested more than 151 million tons of grain, including nearly 99 million tons of wheat in bunker weight (before drying and cleaning of the crop), adding that it would be the second-largest crop after the record 2022 harvest.

Sowing of winter grains was carried out on an area of 18.6 million hectares, up from 17.7 million hectares last year, Sovecon wrote.

Last week, analysts gave their first forecasts for the 2024 crop. Sovecon forecast Russia's 2024 wheat harvest at 89.8 million metric tons. IKAR said it expects Russia's 2024/25 grain crop to be 145 million metric tons, of which 92 million tons would be wheat, up from 144 million tons in 2023/24, of which 91.6 million tons was wheat.

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)
12,500 rbls/t
-75 rbls/t

- Sunflower seeds (Sovecon)
24,875 rbls/t
+350 rbls/t

- Domestic sunflower oil (Sovecon)
74,500 rbls/t
+825 rbls/t

- Domestic soybeans (Sovecon)
35,900 rbls/t
+200 rbls/t

- Export sunflower oil (IKAR)
$820/t
-$20/t

- White sugar, Russia's south (IKAR)
$649.13/t
-$9.06/t

04.12.23

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