IKAR in Mass Media

Russian wheat prices flat as grain deal deadline approaches

11 июля 2023 года

July 10 (Reuters) - Export prices for Russian wheat remained largely flat last week, analysts said, as traders waited for signals about the Black Sea grain export deal ahead of its renewal deadline next Monday.

The deal, brokered by the United Nations and Turkey last July, aimed to prevent a global food crisis by allowing Ukrainian grain blockaded by the war in Ukraine to be safely exported from Black Sea ports.

It will expire on July 17 if Russia objects to its renewal. Turkish President Tayyip Erdogan said earlier that he will discuss extending the deal with President Vladimir Putin, but the Kremlin said it was not known when Putin might visit Turkey.

"The grain corridor is almost at a halt currently," the Sovecon consultancy said in a note last week. "There have been no inbound vessel inspections since June 28. Outbound vessels are still passing clearance in the Bosporus," Sovecon said.

According to the IKAR agriculture consultancy, the price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in early August was $231 a tonne at the end of last week, slightly down from $232 a tonne the week before.

Russia plans to export up to 55 million metric tonnes of grain in the agricultural year that began this month, after exporting around 60 million tonnes last year, Russian Agriculture Minister Dmitry Patrushev said on Friday.

Sovecon last Thursday raised its forecast for Russian grain exports in the 2023/24 season to 58.9 million tonnes from 57.2 million tonnes, and raised its wheat export forecast to 47.2 million tonnes from 45.7 million tonnes.

Other Russian data provided by Sovecon and IKAR:

 Product:              Most recent data:    Change from week
                                                     earlier
 - Domestic 3rd class      12,950 rbls/t         +875 rbls/t
 wheat, European part                     
 of Russia, excludes                      
 delivery (Sovecon)                       
 - Sunflower seeds         22,400 rbls/t       +1,675 rbls/t
 (Sovecon)                                
 - Domestic sunflower      65,325 rbls/t       +1,325 rbls/t
 oil (Sovecon)                            
 - Domestic soybeans       33,400 rbls/t       +2,900 rbls/t
 (Sovecon)                                
 - Export sunflower               $820/t           unchanged
 oil (IKAR)                               
 - White sugar,                $694.61/t                -$31
 Russia's south                           
 (IKAR)

Source: Reuters | #grain | Comments: 0 Views: 9

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