IKAR in Mass and Industry Media

Russian wheat export prices fell last week, but shipments were up

Reuters

MOSCOW, March 4 (Reuters) - Russian wheat export prices fell last week in the context of global market dynamics, but shipment volumes rose again, analysts said.

The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in April was $203 a metric ton, down $12 from the previous week, the IKAR agriculture consultancy reported.

The Sovecon agriculture consultancy pegged the same class of wheat at $208 to $212 a ton FOB, compared with $216 to $220 a week earlier.

"Russian wheat FOB is seen mostly flat as it’s competitively priced at the moment", Sovecon noted.

Russia exported 1.12 million tons of grain last week, up from 1.03 million tons the previous week. The exports included 0.91 million tons of wheat, up from 0.87 million tons a week earlier, Sovecon wrote, citing port data.

The consultancy raised its estimate for February wheat exports by 0.3 million tons to 4.1 million tons, compared with 3 million tons a year earlier. That is a record volume for the month. The previous high of 3.6 million tons was achieved in February 2021.

The spring planting campaign is starting in Russia's southern regions. Farmers in Krasnodar have started to seed peas, and in Stavropol spring crops have been planted on 10,000 hectares. A year ago, spring crops in the south were seeded over 30,000 hectares, Sovecon analysts noted.

Other Russian data provided by Sovecon and IKAR:

Product:
Most recent data:
Change from a week earlier

- Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)
11,825 rbls/t
-200 rbls/t

- Sunflower seeds (Sovecon)
23,425 rbls/t
-100 rbls/t

- Domestic sunflower oil (Sovecon)
69,850 rbls/t
-325 rbls/t

- Domestic soybeans (Sovecon)
37,300 rbls/t
+800 rbls/t

- Export sunflower oil (IKAR)
$760/t
-$5

- White sugar, Russia's south (IKAR)
$671.51/t
+$33.26/t

04.03.24

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