IKAR in Mass and Industry Media

Russian wheat export prices rose further last week

Reuters

MOSCOW, April 8 (Reuters) - Russian wheat export prices rose again last week, with analysts again slightly downgrading their estimates of exports in March.

The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in May was $210.0 a metric ton, up $2.0 from the previous week, the IKAR agriculture consultancy said.

The Sovecon agriculture consultancy pegged the same class of wheat at $210 to $212 a ton FOB, compared with $205 to $208 a week earlier.

Russia, the world's largest wheat exporter, saw its overseas supplies growing to 1.03 million tons of grain last week, up from 1.02 million tons the previous week. The exports included 0.82 million tons of wheat, down from 0.84 million tons a week earlier, Sovecon wrote, citing port data.

The consultancy again lowered its estimate for wheat exports in March by 0.1 million tons, to 4.8 million tons, the same as it was in March 2023.

Some delays in wheat export shipments of wheat by one of the largest Russian exporters, TD RIF, have underpinned global markets.

"At this stage, we doubt that problems with the certificates will lead to substantial issues with exports in the current season. We have seen many similar stories in the past", Sovecon noted.

As of March 29, farmers seeded 1.0 million hectares of grains compared to 0.7 million hectares in the same period in 2023, including 17,000 hectares of spring wheat (8,000 hectares last year), Sovecon wrote in the weekly report.

The weather set-up improved for the new crop after rains in the south of Russia, the agency's 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)
11,725 rbls/t
+125 rbls/t

- Sunflower seeds (Sovecon)
24,000 rbls/t
+175 rbls/t

- Domestic sunflower oil (Sovecon)
72,425 rbls/t
+575 rbls/t

- Domestic soybeans (Sovecon)
37,450 rbls/t
0 rbls/t

- Export sunflower oil (IKAR)
$805/t
0

- White sugar, Russia's south (IKAR)
$658.65/t
+$11.57/t

08.04.24

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