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Russia grain prices lack trend on weather, markets

17 февраля 2010 года

MOSCOW, Feb 1 (Reuters) - Russian grain prices moved in opposite directionslast week, as export demand slowed due to stormy weather at ports and depressed world markets, while internal demand for feed grain rose, analysts said. Bad weather conditions caused extraordinary delays in vessels' loading and traffic jams on railroads, the Institute for Agricultural Market Studies (IKAR) said in a weekly note.

This cut demand from exporters, who were unable to fulfil their contract obligations, IKAR said. "There are two main drivers of the market," SovEcon agricultural analysts said in a separate note.

"On the one hand, the negative international market dynamics are influencing primarily milling wheat prices. On the other, demand from domestic processors is pushing up feed grain prices."

SovEcon believes that the influence of the international markets may prove to be stronger in the end.

It said bid prices for fourth-grade wheat fell to 4,800-4,900 roubles ($158.3-$161.6) per tonne last week (CPT Novorossiisk) from 5,000 roubles a week before. In shallow-water ports, prices fell to 4,300-4,400 roubles from 4,500 roubles.

Offer ex-silo prices for feed wheat rose by 100 roubles per tonne to 3,250 roubles and for maize by 150 roubles to 5,100 roubles per tonne.

IKAR said Russia had exported 12.680 million tonnes of grain between the start of the 2009/10 crop year on July 1 and Jan. 25, down from 13.065 million in the same period of last year.

A substantial portion of exports, over 650,000 tonnes, went to remote destinations like Indonesia, South Korea, the Philippines, Peru and Brazil.

Crude sunoil export prices were unchanged at $865 per tonne, FOB Novorossiisk, IKAR said.

SovEcon said domestic crude sunoil offer prices declined by 150 roubles to 29,175 roubles per tonne as the domestic sunoil market remained overheated against the international market.

It said sunseed purchase prices declined by 225 roubles to 12,675 roubles per tonne.

IKAR said sunseed purchase prices declined to $402 per tonne from $428, while soybean prices rose to $559 per tonne from $555. Rapeseed prices were stable at $400 per tonne.

White sugar prices declined to $955 per tonne from $985 and to 29,000 roubles from 29,300 roubles despite the very high cost of refining white sugar from raws, estimated at 34,070 roubles per tonne, IKAR said.

"Very weak seasonal demand coupled with high stocks and rising imports are behind the lack of a price rise," it said.

Source: Reuters  |  #grain   |  Comments: 0   Views: 30

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