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Russia wheat little changed on high exports; grain deal in focus

22 февраля 2023 года

Credit: REUTERS/INTS KALNINS

MOSCOW, Feb 20 (Reuters) - Russian wheat prices were little changed last week on higher exports and increased supplies, analysts said on Monday, while uncertainty remained about whether an accord to allow safe passage for Black Sea grain exports would be extended.

The Black Sea Grain Initiative allows passage for grain to be exported from three Ukrainian ports. It is up for renewal next month, but Russia has signaled it is unhappy with certain aspects of the deal.

"There is no clarity about the grain deal extension (the current term of which) ends in around five weeks," the Sovecon consultancy said in a note.

Broader negotiations on extending the deal are expected this week, Ukraine said.

Prices for Russian wheat with 12.5% protein content, delivered free on board (FOB) from Black Sea ports, were up $1 to $299 per tonne last week, the IKAR agriculture consultancy said.

Russian wheat exports were 730,000 tonnes last week, compared with 540,000 a week earlier, the Sovecon consultancy said, citing port data.

Sovecon said last week that it was increasing its 2022/23 Russian wheat export forecast by 0.1 million tonnes to 44.2 million tonnes.

Other Russian data provided by Sovecon and IKAR:

Product:
Most recent data:
Change from week earlier

- Domestic 3rd class wheat, European part of Russia, excludes delivery (Sovecon)
12,325 rbls/t
-175 rbls/t

- Sunflower seeds (Sovecon)
29,000 rbls/t
-25 rbls/t

- Domestic sunflower oil (Sovecon)
79,750 rbls/t
-1,000 rbls/t

- Domestic soybeans (Sovecon)
33,600 rbls/t
-350 rbls/t

- Export sunflower oil (Sovecon)
$1,120/t
-$20

- White sugar, Russia's south (IKAR)
$722.31/t
-$0.67

($1 = 74.42 roubles)

Source: Reuters | #grain | Comments: 0 Views: 20