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Where the margin is 2023

Where the margin is 2023
February 9-10, 2023, Moscow


Russian wheat stable as Moscow sticks to Black Sea grain deal

08 ноября 2022 года

MOSCOW, Nov 7 (Reuters) - Russian wheat prices finished last week steady after volatile trade inside the week as Moscow suspended participation in the Black Sea deal allowing Ukrainian shipments and then came back to it, analysts said on Monday.

President Vladimir Putin on Wednesday reserved Russia's right to withdraw again from the agreement that allows Ukraine to export grain via the Black Sea, after ending four days of non-cooperation with the deal.

Prices for Russian wheat with 12.5% protein content and for supply from Black Sea ports were at $312 a tonne free on board (FOB) on Friday evening, unchanged from a week earlier, the IKAR agriculture consultancy said in a note.

Russia's grain exports rose to 1.0 million tonnes last week from 910,000 tonnes a week earlier, the Sovecon consultancy said, citing port data.

"The lack of grain railcars remains a big problem for exports, and demand for trucks is extremely high, especially for the Black Earth – Rostov/Azov route," Sovecon said, adding that infrastructure bottlenecks would be limiting the pace of Russian exports in the near term.

Farmers have already planted winter grains on 17.3 million hectares, compared with 18.1 million hectares around the same date a year ago, the consultancy said.

Overall weather conditions remain fine for development of the winter crops, though Russia's southern regions are a bit dry, Sovecon added.

Other Russian data provided by Sovecon and IKAR:

 Product:                Price at the end     Change from week
                            of last week:              earlier
 - Domestic 3rd class       12,775 rbls/t            +175 rbls
 wheat, European part            ($209.1)  
 of Russia, excludes                       
 delivery (Sovecon)                        
 - Sunflower seeds          20,975 rbls/t            -475 rbls
 - Domestic sunflower       74,175 rbls/t            +500 rbls
 oil (Sovecon)                             
 - Domestic soybeans        30,150 rbls/t            unchanged
 - Export sunflower              $1,350/t                 +$30
 oil (Sovecon)                             
 - Export sunflower              $1,230/t                 +$40
 oil (IKAR)                                
 - White sugar,                  $762.7/t               -$27.7
 Russia's south                            

Harvesting data provided by Sovecon as of Nov. 3:

                    All grains:   Wheat  Barley  Corn  Sunseeds
 Crop, mln tonnes         151.0   106.4    24.8   6.6      10.9
 Crop, as of same         120.8    78.8    19.0  11.7      15.0
 date in 2021                                          
 Yield,                    3.33    3.59    3.09  5.75      1.80
 Yield, as of same         2.74    2.81    2.38  5.15      1.62
 date in 2021                                          
 Harvested area,           45.3    29.6     8.0   1.2       6.1
 mln hectares                                          
 Harvested area,           44.1    28.1     8.0   2.3       9.3
 as of same date                                       
 in 2021                                               

* Russia's agriculture ministry has yet to publish detailed harvesting data for the current season.

** The harvesting data is by bunker weight, i.e. before drying and cleaning of the crop.

($1 = 61.1000 roubles)

Source: Reuters  |  #grain   |  Comments: 0   Views: 4

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