Russian wheat export prices down with global benchmarks

Russian export prices for the summer’s new wheat crop fell last week following a decline in global benchmarks in Chicago and Paris, the IKAR agriculture consultancy said in a note on Monday. Russia, one of the world’s largest wheat exporters, usually starts harvesting in late June-early July. It may increase grain exports in the 2021/22 marketing season, which starts on July 1, despite a smaller crop, its agriculture ministry said last week. Prices for new crop Russian wheat with 12.5% protein loading from Black Sea ports were at $260 a tonne free on board (FOB) at the end of last week, down $12 from the previous week, IKAR said.

Prices for the old crop were also down, Sovecon, another consultancy, said: wheat fell by $3 to $272 per tonne, barley – by $2 to $248 a tonne. Rains arrived to part of Russia’s southern and Black Earth regions last week, though it remains dry in the Volga and Stavropol regions, Sovecon said. Yields of spring wheat in the Volga, the Urals and Siberia will be damaged, according to Sovecon, if rains do not arrive there within one or two weeks.

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 14,550 roubles/t +100 rbls class wheat, ($198) European part of Russia, excludes delivery (Sovecon) – Sunflower seeds 53,025 rbls/t +275 rbls (Sovecon) – Domestic 115,025 rbls/t +825 rbls sunflower oil (Sovecon) – export sunflower $1,520/t -$20 oil (Sovecon) – export sunflower $1,525/t -$15 oil (IKAR) – Soybeans 50,900 rbls/t +1,800 rbls (Sovecon) – white sugar, $610.1/t +$6.2 Russia’s south (IKAR)
Source: Reuters (Reporting by Polina Devitt; editing by Kirsten Donovan)