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Russian wheat prices ended week higher on stronger rouble

24 сентября 2018 года

MOSCOW, Sept 24 (Reuters) - Russian wheat export prices rose further at the end of last week on a stronger rouble , which is trading at more than six-week highs against the dollar, and tougher control of quality, analysts said on Monday.

Russia's food safety watchdog beefed up quality controls on grain exports after complaints from major buyers about falling crop standards in mid-September.

Black Sea prices for Russian wheat with 12.5 percent protein content were at $220 a tonne free on board (FOB) at the end of last week, up $3 on the week, IKAR agriculture consultancy said in a note.

SovEcon, another Moscow-based consultancy, quoted FOB wheat up $4 at $222 a tonne. Barley was down $2 to $230 a tonne.

"Market players continue to complain (of the) longer time needed to receive phytosanitary certificates and are afraid of further toughening of checks," SovEcon said.

By Sept. 20 Russia had exported 13.2 million tonnes of grain since the start of the 2018/19 season on July 1. That was up 23 percent from the same period the previous year and included 11.2 million tonnes of wheat.

Domestic prices for third-class wheat were up 25 roubles at 11,050 roubles ($166.5) a tonne at the end of last week in the European part of Russia on an ex-works basis, SovEcon said. Ex-works supply does not include delivery costs.

Prices for sunflower seeds rose by 250 roubles to 19,725 roubles a tonne, SovEcon said. Domestic prices for sunflower oil were flat at 47,500 roubles a tonne, while export prices fell $5 to $675 a tonne.

IKAR's white sugar price index for southern Russia was at $526.6 a tonne as of Sept. 21, up $60 from a week earlier.

($1 = 66.3550 roubles)

Source: Reuters | #grain | Comments: 0 Views: 82

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