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IKAR in Mass Media

Most Russian grain prices rise, barley falls

24 февраля 2009 года

MOSCOW, Jan 19 (Reuters) - Most Russian grain prices rose last week on high world prices, demand from exporters and millers, government purchases and a weaker rouble, but barley prices fell on competition from Ukraine, analysts said on Monday.

February forward ordinary wheat export prices gained $5, reaching $190 per tonne FOB Novorossiisk with some deals made at at $195 per tonne, the Institute for Agricultural Market Studies (IKAR) said.

Domestic prices firmed on rising exporters demand, SovEcon agricultural analysts said. Rising world prices and rapid depreciation of the rouble have restored the competitiveness of Russian grain on the world market.

Burning export contracts gave an additional push to prices, SovEcon said.

It said processors have also increased their activity at replenishing stocks which they had previously tried to keep at a low level due to falling prices.

The government bought about 0.6 million tonnes of grain last week, with total puchases reaching 5.8 million tonnes and expenses 27.5 billion roubles ($844.3 million).

IKAR said the amount of grain actually delivered to silos was only 2.6 million tonnes, or 47 percent of the purchased cereals.

Highly uneven distribution and limited storage space at elevators accredited for intervention purchases, raises serious doubts about the government target to buy up to 20 million tonnes of grain, it said.

SovEcon said fourth-grade milling wheat rose by some 550 roubles per tonne in the European part of Russia, third-grade wheat rose by 350 roubles, milling rye by 300 roubles per tonne. Feed maize rose by 500 roubles.

IKAR said that most prices rose in rouble terms, while some dollar-denominated remained practically the same.

It said barley price declined substantially with absence of demand from exporters due to Ukraine's dominance on the market.

SUNSEED, SUNOIL PRICES FIRM

Domestic sunseed prices rose last week on high world prices and the intention of oil producers to increase output, IKAR said. It said prices ranged between $200 and $215 per tonne, including delivery to crushing plants.

SovEcon said average sunseed prices added 250 roubles per tonne while crude sunoil rose by 400 roubles per tonne.

IKAR said forward crude oil export price rose to $650 per tonne, in Novorossiisk. Soybean oil prices reached $540-$570 per tonne in southern Russia. SovEcon said it expects Russian sunoil prices to keep rising with rouble depreciation and world prices reaching $700 FOB Black Sea ports.

White sugar prices rose sharply in rouble terms due to the rouble depreciation coupled with domestic supplies dwindling on higher seasonal raw sugar import tariff.

In dollar terms prices of sugar reached $609 per tonne ex-factory Krasnodar and closely approached the virtual cost of its refining from imported raws.

Source: Reuters  |  #grain   |  Comments: 0   Views: 43

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