IKAR in Mass Media

Russian wheat down with volatile rouble, geopolitical risks in focus

15 февраля 2022 года

MOSCOW, Feb 14 (Reuters) - Russian wheat export prices fell for a fifth consecutive week last week amid a weaker and volatile rouble currency, which remains under pressure during a diplomatic showdown between Moscow and the West over Ukraine.

The United States says Russia could invade Ukraine at any time and might create a surprise pretext for an attack, while Moscow rubbishes that as "hysteria".

Russian wheat with 12.5% protein content loading from Black Sea ports for supply in late February-early March stood at $318 a tonne free on board (FOB) last week, down $1 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, pegged wheat down $7 at $316 a tonne with barley steady at $298 a tonne.

Russian wheat exports are down by 43% since the start of the 2021/22 marketing season on July 1 because of a smaller crop and an export tax that had been set at $92.8 a tonne for Feb. 16-22.

The weather conditions remain friendly for the 2022 crop prospects with healthy precipitation in the majority of winter wheat-producing regions, Sovecon said. The ice crust, which was a big issue for farmers a year ago, is mostly absent, it added.

Other Russian data provided by Sovecon and IKAR:

Product:	Price at the end of last week:	Change from week earlier
- Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)	15,050 roubles/t($196.00)	-150 rbls
- Sunflower seeds (Sovecon)	37,375 rbls/t	-100 rbls
- Domestic sunflower oil (Sovecon)	89,500 rbls/t	+1,000 rbls
- Export sunflower oil (Sovecon)	$1,385/t	+$5
- Export sunflower oil (*IKAR*)	$1,375/t	-$5
- Soybeans (Sovecon)	44,050 rbls/t	-200 rbls
- White sugar, Russia's south (*IKAR*)	$662.5/t	+$10