IKAR in Mass Media

Russian wheat down sharply with stronger rouble

05 апреля 2022 года

April 4 (Reuters) - Russian wheat prices fell sharply last week, both for export and domestic deals, reflecting strengthening of the rouble against the dollar on capital controls imposed by Moscow, analysts said on Monday.

Russia, one of the world's largest wheat exporters, has managed to continue exporting through its Black Sea ports despite the Western sanctions that have complicated trade logistics and payment.

"There are some fresh deals," said Dmitry Rylko, the head of the IKAR agriculture consultancy. Prices for wheat with 12.5% protein content from the Black Sea ports fell last week by $22 to $368 free on board (FOB), he added.

"Russia continues to ship wheat fast," said Sovecon, another consultancy. Russia exported 560,000 tonnes of grains last week, compared with 400,000 tonnes a week earlier, it added.

In the domestic market, wheat prices in roubles fell after strong rally in March, Sovecon said.

Russia's spring grain sowing continues in favourable weather. By March 31 spring grains were planted on 509,000 hectares, against 339,000 hectares a year earlier, Sovecon said.

The consultancy added that availability of fertilisers does not seem to be an issue for the 2022 crop.

Other Russian data provided by Sovecon and IKAR:

 Product:               Price at the end     Change from week
                           of last week:              earlier
 - Domestic 3rd class      17,075 rbls/t            -775 rbls
 wheat, European part          ($207.91)  
 of Russia, excludes                      
 delivery (Sovecon)                       
 - Sunflower seeds         49,125 rbls/t            +225 rbls
 (Sovecon)                                
 - Domestic sunflower     128,350 rbls/t          -5,000 rbls
 oil (Sovecon)                            
 - Export sunflower             $1,850/t            unchanged
 oil (IKAR)                               
 - Export sunflower             $1,850/t                -$200
 oil (Sovecon)                            
 - Soybeans (Sovecon)      53,100 rbls/t          -2,200 rbls
 - White sugar,                   $845/t                 +$33
 Russia's south                           
 (IKAR)                                   
 ($1 = 82.1250 roubles)

Source: Reuters | #grain | Comments: 0 Views: 8

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