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Russian grain prices decline on low export demand

24 февраля 2009 года

MOSCOW, Feb 16 (Reuters) - Most Russian grain prices fell last week on low demand from exporters caused by the strengthening of the rouble and a decline in world prices, reversing several weeks of growth, analysts said on Monday.

They said demand from grain processors had also fallen.

Ordinary wheat export forward prices fell to $190-$193 per tonne and feed barley to $135-$140, the Institute for Agricultural Market Studies (IKAR) said.

It said domestic wheat prices had generally lost value both in dollar and rouble terms. In the south of Russia, third-grade wheat ended the week at $173 per tonne, fourth-grade at $152 and fifth-grade at $121.

The feed barley price in the region declined to $100 per tonne, although maize had risen to $117, IKAR said.

Russia won an important 50,000-tonne Iraqi wheat tender at a price of $230 per tonne, FOB, although the results of a number of soft wheat tenders were mixed, reflecting some loss of price competitiveness over the last few weeks, IKAR said.

Egypt bought 150,000 tonnes of Russian wheat at $185-$187 per tonne FOB last week, compared with $192 per tonne a week before, SovEcon agricultural analysts said.

"It's possible that, in the near future, competition in world wheat markets will rise due to lower freight rates and the stronger position of U.S. wheat on traditional Russian export markets," it said.

SovEcon said it expected a downward trend on the domestic market. To be competitive, domestic milling wheat prices should lose several hundred roubles per tonne or more, as world wheat prices may decline further on high stocks.

Intervention purchases continued to fall, and were focused on feed grains. The government bought just 100,000 tonnes last week.

But if domestic rouble prices continue to weaken, producers' interest in feed grain interventions may be revived, IKAR said.

SovEcon believes producers, sitting on high grain stocks, may increase supply, pushing prices below the support level.

As of Jan. 1, medium and large farms held stocks of grain, excluding maize, that were 65 percent larger than a year previously. Wheat stocks were 76 percent larger and maize stocks 190 percent larger, it said.

SUNOIL, SUGAR

The domestic sunoil export price inceased slightly to $720 per tonne, FOB Novorossiisk. Sunseed prices had risen again to $280-320 per tonne, IKAR said. "The domestic sunoil market appears to be overheated," SovEcon commented. "It is highly unlikely that crushers' offers will stay at current levels, while current bid prices for sunseeds may be the highest this season."

IKAR said one of the biggest players on the Russian sunseed market was loading a cargo ship bound for South Africa.

The sugar market was quiet last week, with low seasonal demand and high prices, IKAR said. Buyers temporarily ceased their activity, expecting lower prices soon, it said.

Source: Reuters  |  #grain   |  Comments: 0   Views: 47


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