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Russian grain prices decline following world trend

17 февраля 2010 года

MOSCOW, Feb 15 (Reuters) - Most Russian grain prices declined last week following the global market, analysts said on Monday. FOB export prices for ordinary milling wheat with 1 percent or less bug damage declined slightly to $173 per tonne, while other cereals prices lost $1-$2 per tonne, the Institute for Agricultural Market Studies (IKAR) said in a weekly note.

Exporters' bid prices at ports were rather stable, as traders were buying grain to implement contracts signed at the end of last year and at the beginning of 2010, SovEcon agricultural analysts said.

SovEcon said in its weekly note most traders bid for fourth-grade (ordinary) wheat at 4,700-4,900 roubles ($155.8-$162.5) per tonne including delivery to (CPT) Novorossiisk.

Bid prices at shallow water ports for this grain were 4,300-4,400 roubles per tonne, it said.

SovEcon said domestic offer prices for fourth-grade milling wheat and fifth-grade feed wheat fell by some 100 roubles to 3,950 roubles per tonne and 3,125 roubles per tonne, respectively.

Maize prices were stable in spite of the state intervention sale tenders, average prices at which corresponded to market price of 5,049 roubles pr tonne, it said.

SovEcon expects the negative trend on the domestic grain market to continue in line with the global market, where U.S. wheat futures have fallen by over 10 percent so far this quarter.

IKAR said Russian grain exports since the start of the 2009/10 crop year were 13.3 million tonnes, down from 13.6 million tonnes a year ago.

It said sunoil export prices were basically unchanged at $860-$865 per tonne, FOB Novorossiisk, while world vegetable oils export prices increased. Export activity was low.

Domestic sunseed bid prices rose to $413 from $396 last week, as producers expected a further price rise on due to scarce suppy of raw material, IKAR said.

SovEcon said domestic offer prices for sunseeds declined by 100 roubles per tonne to 12,425 roubles.

Domestic crude sunoil prices have declined to $915 from $943 per tonne, IKAR said.

SovEcon said crude sunoil prices fell to 28,250 roubles per tonne from 28,850 roubles, as small and medium-sized crushers were suspending up their activity to prevent further losses caused by high crushing costs and low oil prices.

White sugar prices rose slightly to 28,700 roubles per tonne from 28,500 roubles in Krsnodar and could rise further as current cost of production of white sugar from raws was estimated to be 32,160 roubles per tonne, IKAR said.

However, demand remained weak, so IKAR said it did not expect a substantial price rise, at least in the near future.

Source: Reuters  |  #grain   |  Comments: 0   Views: 56

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