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Russian wheat export prices down amid weak demand, global benchmarks

Russian wheat export prices fell for the third consecutive week last week amid weak demand and lower prices in Chicago and Paris, analysts said on Monday.

Prices in Chicago, a benchmark for the wheat market, are near their three-month low as improved weather across the Northern Hemisphere boosted expectations of bumper supplies.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in April was at $273 a tonne free on board (FOB) at the end of last week, down $7 from the previous week, agriculture consultancy IKAR said.

Sovecon, another consultancy, said wheat prices fell by $9 to $274 a tonne, while barley fell by $6 to $248 a tonne.

The weather has improved for the Black Sea crops as well with rains in part of Russia’s southern regions and above-normal temperatures melting the remaining ice-crust in fields, Sovecon said.

Temperatures are expected to be close to average this week with good precipitation in the main regions, which “is a good setup for plants that started to break dormancy recently”, the consultancy added.

Sovecon raised its estimate for Russia’s 2021 wheat harvest last week and reduced its estimate for Russia’s March exports as traders are adjusting to a high wheat export tax.

Following is a summary of other Russian data provided by Sovecon and IKAR: Product: Price at the end Change from week of last week: earlier – Domestic 3rd 13,925 roubles/t -125 rbls class wheat, ($186.65) European part of Russia, excludes delivery (Sovecon) – Sunflower seeds 49,275 rbls/t +3,700 rbls (Sovecon) – Domestic 113,025 rbls/t +5,525 rbls sunflower oil (Sovecon) – export sunflower $1,550/t -$130 oil (Sovecon) – export sunflower $1,515/t -$140 oil (IKAR) – Soybeans 47,800 rbls/t +2,100 rbls (Sovecon) – white sugar, $629.9/t +$2.7 Russia’s south (IKAR)
Source: Reuters (Reporting by Polina Devitt; Editing by Ramakrishnan M.)

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