IKAR in Mass and Industry Media

Russian wheat prices decline on weak demand

Reuters

MOSCOW, April 23 (Reuters) - Russian wheat prices declined last week due to weak demand and intervention sales from state inventories, analysts said on Monday.

"Traders complain about very weak demand from the international market," the Institute for Agricultural Market Studies (IKAR) said in a note.

Russian wheat with 12.5 percent protein content declined to $269 per tonne from $270 per tonne on a free-on-board basis (FOB) in the port of Novorossiisk, IKAR said.

SovEcon analysts wrote that purchase prices of wheat with 11.5 percent protein content in Russian deep-water ports were stable at 7,400 to 7,600 roubles ($250-260) per tonne last week on a carriage-paid-to (CPT) basis.

In shallow-water ports wheat prices rose to 7,100-7,250 roubles per tonne from 7,000-7,100 roubles, they added.

May milling wheat on the Paris futures market closed at 216.50 euros ($290) a tonne on Friday after hitting a three-week high of 218.25 euros.

U.S. July wheat futures were up 0.12 percent to 6.23-3/4 per bushel on Monday at 0709 GMT.

The Russian government sold 742,895 tonnes of grain in its first six intervention tenders this year, data from an exchange showed last week, with wheat accounting for 622,822 tonnes.

Average domestic prices for third-grade milling wheat were stable at 6,550 roubles per tonne ex-works in European Russia. Fourth-grade prices stood at 6,525 roubles per tonne ex-works last week, SovEcon said.

For sunseeds, the domestic price index rose to $408 per tonne from $394, or to 12,050 roubles per tonne from 11,640, IKAR said. SovEcon pegged it at 12,075 roubles per tonne, up 450 roubles.

Crude sunoil prices strengthened to $1,142 per tonne from $1,125, IKAR said. SovEcon recorded them at 34,675 roubles per tonne, up 900 roubles.

Domestic white sugar prices fell to $844 per tonne from $862 per tonne, or to 24,900 roubles per tonne from 25,500 roubles, IKAR said.

23.04.12

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