IKAR in Mass and Industry Media

Russian wheat export prices flat last week, shipments fell

Reuters

MOSCOW, Nov 25 (Reuters) - Russian wheat export prices remained flat last week, while shipments declined amid low demand and competition from other suppliers, analysts said.

Dmitry Rylko, head of the IKAR consultancy, said that the price of Russian wheat with 12.5% protein, set for free-on-board (FOB) delivery in December, was $226 per metric ton at the end of last week, unchanged from the previous week. He said that the cheap supply of wheat from exporters in the southern hemisphere kept a lid on prices.

The Sovecon consultancy said prices for Russian wheat with the same protein content and on the same delivery terms were at $228-231 per ton compared to $228-$230 the previous week.

Sovecon said earlier on Monday it had cut its wheat and overall grain export forecasts for the 2024/2025 season due to expectations of stricter export quotas. The agency said it had cut its wheat export estimate to 44.1 million metric tons, down from 45.9 million metric tons.

Weekly grain exports are estimated at 800,000 tons, including 710,000 tons of wheat, which is a decrease from 1.15 million tons of grain and 1.07 million tons of wheat the previous week, Sovecon said.

The agency forecasts grain exports in November at 4.2 million tons, up from 3.2 million in November 2023.

Sovecon reported that the winter planting campaign is nearly complete, although the sown area is significantly reduced compared to last year.

Winter grains were sown at 17.5 million hectares compared to 18.5 million hectares in 2023. Wheat typically accounts for 90% of the total winter grain area.

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)
15,775 rbls/t
+325 rbls/t

- Sunflower seeds (Sovecon)
40,175 rbls/t
+800 rbls/t

- Domestic sunflower oil (Sovecon)
103,850 rbls/t
+850 rbls/t

- Domestic soybeans (Sovecon)
42,700 rbls/t
+650 rbls/t

- Export sunflower oil (IKAR)
$1,140/t
-$5

- White sugar, Russia's south (IKAR)
$585.90/t
-$9.94/t

25.11.24

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