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MOSCOW, July 18 (Reuters) – Russian wheat export prices rose slightly last week, helped by a stronger rouble RU/RUB, the IKAR agriculture consultancy said on Monday, adding that exports quickened with arrival of the new crop.
The United States last week issued clarification reassuring banks, shippers and insurance companies that transactions with Russian food and fertiliser exports would not breach Washington’s sanctions on Moscow.
Traders consider this clarification “with very careful optimism”, IKAR said in a note. It currently expects the country to export more than 2 million tonnes of wheat this month.
Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports rose by $2 to $360 a tonne free on board (FOB) at the end of last week, IKAR said.
Russia exported 500,000 tonnes of grain last week, compared with 340,000 tonnes the previous week, said fellow consultancy Sovecon, citing port data. Wheat prices for imminent supply were at $355-360 a tonne, it added.
Other Russian data provided by Sovecon and IKAR:
Product:
Price at the end of last week:
Change from week earlier
– Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)
13,275 rbls/t
($234.13)
-300 rbls
– Sunflower seeds (Sovecon)
26,250 rbls/t
+300 rbls
– Domestic sunflower oil (Sovecon)
74,000 rbls/t
unchanged
– Domestic soybeans (Sovecon)
34,925 rbls/t
-200 rbls
– Export sunflower oil (Sovecon)
$1,430/t
-$110
– Export sunflower oil (IKAR)
$1,310/t
-$60
– White sugar, Russia’s south (IKAR)
$1,089.9/t
+$76.3
The harvesting data provided by Sovecon as of July 14*:
All grains:
Wheat
Barley
Crop, mln tonnes
19.9
15.5
3.5
Crop, as of same date in 2021
14.9
10.6
2.7
Yield, tonnes/hectare
4.1
4.2
4.6
Yield, as of same date in 2021
3.4
3.4
3.9
Harvested area, mln hectares
4.9
3.7
0.8
Harvested area, as of same date in 2021
4.3
3.1
0.7
* Russia’s agriculture ministry has yet to publish harvesting data for the current season.
($1 = 56.7000 roubles)
(Reporting by Reuters Editing by David Goodman)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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