IKAR in Mass and Industry Media

Russian wheat export prices ease again, but analysts see further downside as limited

Reuters

MOSCOW, Nov 24 (Reuters) - Russian wheat export prices slipped further last week amid high global supply, but analysts said they do not expect this trend to intensify significantly.

The price for Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in late December - early January was $228 a metric ton at the end of last week, down $1 on the week, said Dmitry Rylko, head of the IKAR consultancy.

However, the price is unlikely to fall far from these levels, he said, noting that Russia is unlikely to be willing to sell substantial volumes at even lower prices.

Agriculture Minister Oksana Lut said last week that a FOB wheat price of $230 per ton was "balanced" and suggested that farmers should not expect a return to significantly higher levels, although fluctuations could not be ruled out.

The Sovecon consultancy estimated the price for Russian wheat with 12.5% protein content at $229 to $231 a ton FOB compared to $232 to $233 a ton FOB in the previous week.

In its latest weekly report, Sovecon raised its estimate for wheat exports in November to 4.7 million tons, up by 0.1 million tons compared to the previous week's estimate.

IKAR maintained its estimate of November exports at 5.2 million-5.4 million tons.

Russia has exported approximately 3 million tons of wheat from November 1-17, according to railway operator Rusagrotrans.

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)
13,900 rbls/t
-150

- Sunflower seeds (Sovecon)
35,675 rbls/t
+200 rbls/t

- Domestic sunflower oil (Sovecon)
94,925 rbls/t
+175 rbls/t

- Domestic soybeans (Sovecon)
30,150 rbls/t
+250 rbls/t

- Export sunflower oil (IKAR)
$1,220
+$10

- White sugar, Russia's south (IKAR)
$626.78/t
+$3.95

24.11.25

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