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Russian wheat export prices down sharply amid weak demand, global benchmarks

Russian wheat export prices fell sharply last week – extending their fall to the fourth consecutive week – amid weak demand and lower prices in Chicago and Paris, analysts said on Monday. Russia, one of the world’s largest exporters of wheat, imposed several export curbs on its main agriculture products in recent months and plans more of them to tame the country’s rising food inflation.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in April was at $257 a tonne free on board (FOB) at the end of last week, down $16 from the previous week, agriculture consultancy IKAR said. Sovecon, another consultancy, said wheat prices fell by $21 to $253 a tonne, while barley fell by $8 to $240 a tonne. Weather conditions are expected to remain favourable for the 2021 crop this week with healthy precipitation in Russia’s south further boosting moisture reserves in this key wheat-producing region, Sovecon said.

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 13,700 roubles/t -225 rbls class wheat, ($180.3) European part of Russia, excludes delivery (Sovecon) – Sunflower seeds 52,825 rbls/t +3,550 rbls (Sovecon) – Domestic 118,175 rbls/t +5,150 rbls sunflower oil (Sovecon) – export sunflower $1,540/t -$10 oil (Sovecon) – export sunflower $1,518/t +$3 oil (IKAR) – Soybeans 48,700 rbls/t +900 rbls (Sovecon) – white sugar, $593.4/t -$36.5 Russia’s south (IKAR)
Source: Reuters (Reporting by Olga Popova and Polina Devitt; editing by Louise Heavens)

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