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14 March

Russian wheat export prices stabilise

A lack of local supply propped up Russian wheat export prices last week, halting their recent fall, industry analysts said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content and for delivery in late March - early April were $226 per tonne on a free on board (FOB) basis at the end of last week, broadly unchanged.

"Sales have almost stopped, even at $226," Dmitry Rylko, the head of IKAR said, adding that farmers were unwilling to sell their previous harvest's wheat cheaply, while importers did not want to buy expensive wheat amid sharply falling world prices. SovEcon, another Moscow-based consultancy, quoted FOB wheat prices at $225.5 per tonne.

According to Refinitiv data, the price of wheat was $224 per tonne.

Russia exported 34.8 million tonnes of grain from the start of the season on July 1 to March 7, on a par with the same period last year, according to SovEcon.

That included 29.3 million tonnes of wheat, up 5 percent year-on-year.

Domestic prices for third-class wheat declined by 75 roubles to 12,000 roubles ($182) a tonne at the end of last week in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

Sunflower seed prices were down 225 roubles at 19,600 roubles a tonne, SovEcon said. Domestic sunflower oil prices declined by 150 roubles to 43,350 roubles a tonne, while export prices stayed at $650 a tonne. IKAR said its white sugar price index for southern Russia was $520.96 a tonne last week, down from $526.64 a week earlier.

Source: Business Recorder

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