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Russian wheat prices rise after Egypt deal

30 июля 2009 года

MOSCOW, July 27 (Reuters) - Grain prices in Russia are rising on increased export demand, taking their cue from the high price realised in the latest Egyptian tender after several weeks of failure, analysts said. Commodities trader Glencore's Russian arm sold 60,000 tonnes of milling wheat to Egyptian state buyer GASC at $178.05 per tonne [ID:nLL612282]. The Institute for Agricultural Market Studies (IKAR) said the quality standards were very high.

"Typical wheat export prices practically have not changed and remain at $170 per tonne. However, sellers are inspired by the most recent price tag and are in a bullish mood," IKAR said.

Exporters have bought fourth-grade wheat at prices between 4,900 and 5,000 roubles a tonne, CPT Novorossiisk. Agricultural analyst group SovEcon said that, in some cases, prices of between 5,100 and 5,200 roubles were now being discussed.

A price of 4,900 roubles a tonne is the highest possible level in state intervention purchases. "So producers are eager to sell," IKAR said.

Feed wheat prices are in the region of 3,800 roubles a tonne, SovEcon said, while barley costs around 3,200 roubles, CPT Novorossiisk.

IKAR said the export price for feed barley had risen to $135 a tonne in the last week, although export activity was modest.

The harvest is practically complete in the southern regions of Stavropol and Krasnodar. In other regions, where harvesting is further behind than in the south, prices are lagging.

SovEcon said feed wheat prices outside southern Russia fell about 200 roubles to 3,000 roubles a tonne in the last week. Third-grade wheat fell 150 roubles to 4,775 roubles a tonne.

The domestic sunseed market is weak. Purchase prices for the new rapeseed crop range from 7,000 to 7,500 roubles a tonne, IKAR said.

But a rise in tropical and soybean oil prices helped push Black Sea crude sunoil up $35 to $715 a tonne, FOB Novorossiisk.

White sugar prices jumped in the last week to $743 a tonne from $733, reflecting diminishing supply, IKAR said.

"As new beet sugar will only enter the market at the end of August, we expect further price rises on the domestic market in the weeks to come," IKAR said.

Source: Reuters  |  #grain   |  Comments: 0   Views: 54

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