IKAR in Mass and Industry Media

Russian new crop wheat export prices remain flat amid weak activity before new season's start

Reuters

MOSCOW, June 2 (Reuters) - Prices for new crop Russian wheat remained unchanged last week as trading in old crop supplies has nearly stopped and the market is waiting for the start of the new marketing season with possible changes in export regulations, analysts said.

The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of July was $225 per metric ton, same as a week ago, said Dmitry Rylko, head of the IKAR consultancy.

IKAR upgraded its estimate of wheat exports in May to 2.1 million tons from 1.7-1.9 million tons a week ago. Wheat exports in June are estimated at 1.2 million tons.

The Sovecon consultancy estimated prices for Russian old crop wheat with 12.5% protein content at $240-243 per ton FOB compared to $248-250 per ton FOB a week before. New crop offers are being discussed at $225–230 per ton.

According to the agency, the price dynamics was affected by a potential change in the calculation of export duties announced last week by Russian Deputy Prime Minister Dmitry Patrushev. He said Russia will reduce exports to 44.5 million metric tons of wheat and 53 million tons of grain in the 2024/25 season.

Sovecon upgraded the forecast for May wheat exports by 0.1 million tons to 1.9 million tons.

The agency raised its forecast for Russia's wheat exports for the 2025/26 season by 1.1 million metric tons to 40.8 million tons last week, citing improved weather conditions for the harvest. However, the consultancy warned that the start of the new exporting season could be slow due to high domestic prices and a worse-than-expected harvest in the south.

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)
15,525 rbls/t
-300 rbls/t

- Sunflower seeds (Sovecon)
37,625 rbls/t
-675 rbls/t

- Domestic sunflower oil (Sovecon)
91,250 rbls/t
-1,425 rbls/t

- Domestic soybeans (Sovecon)

37,000 rbls/t
-300 rbls/t

- Export sunflower oil (IKAR)
$1,105/t
+$5

- White sugar, Russia's south (IKAR)
$664.97/t
-$24.77/t

02.06.25

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