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IKAR in Mass Media

Russian wheat export prices remained flat, export shipments slightly accelerated

06 августа 2024 года

MOSCOW, Aug 5 (Reuters) - Russian wheat export prices remained broadly stable last week, analysts said, noting a slight rebound in export shipments.

The price of 12.5% protein Russian new crop wheat scheduled free-on-board (FOB) with delivery in late August - early September was $221 per metric ton at the end of last week, up $1 compared to the previous week, according to the IKAR consultancy.

Sovecon put the price of wheat with the same protein content for nearest delivery at $220-$223 per ton at the end of last week, up $0.5 from the previous week's level.

"Russian export prices have been mostly flat for around a month", Sovecon said in a weekly report.

The agency notes a slight acceleration in the pace of exports last week, as well as strong demand from exporters for wheat in ports.

Russia cut wheat export duty by half to 444.4 roubles per ton last Friday, the lowest level since it started calculating the duty in roubles in July 2022.

Russia is the world's largest wheat exporter. Its exports increased to 1.06 million tons of grain last week from 1.0 million the week before.

Shipments included 0.93 million tons of wheat, up from 0.76 million tons a week earlier, Sovecon wrote, citing port data.

Sovecon raised again its wheat export estimate for July - by 0.4 million tons to 3.6 million tons, compared to a record 4.5 million tons a year ago.

Russia started harvesting several weeks early due to weather conditions.

Dry weather persists in the southern regions of the country, while precipitation is forecast for the key spring wheat area of the eastern Volga region this week.

As of July 30, Russian farmers had harvested 58.1 million tons of grain against 39.5 million tons a year earlier, from 16.9 million hectares, up from a previous 10.0 million hectares.

The average yield was 3.44 tons per hectare, down from 3.96 tons a hectare the year before.

The wheat harvest totalled 49.3 million tons from 13.6 million hectares, up from 33.3 million tons from 8.1 million hectares, with an average yield of 3.62 tons per hectare, versus 4.09 tons, Sovecon said.

Harvesting has started in Siberia, where agency analysts expect high yields this year.

Russia has maintained its official grain harvest forecast for this year at 132 million metric tons despite adverse weather conditions across many grain-producing regions, Deputy Prime Minister Dmitry Patrushev said last week.

The Russian government has approved the sale of 0.5 million metric tons of grain from the state grain fund for market interventions in the second half of 2024 to maintain the stability of domestic prices.

Other Russian data provided by Sovecon and IKAR:

 Product:              Most recent data:  Change from a week
                                                     earlier
 - Domestic 3rd class      14,050 rbls/t          +25 rbls/t
 wheat, European part                     
 of Russia, excludes                      
 delivery (Sovecon)                       
 - Sunflower seeds         32,025 rbls/t         +800 rbls/t
 (Sovecon)                                
 - Domestic sunflower      77,250 rbls/t         +250 rbls/t
 oil (Sovecon)                            
 - Domestic soybeans       39,950 rbls/t         -250 rbls/t
 (Sovecon)                                
 - Export sunflower               $865/t                -$30
 oil (IKAR)                               
 - White sugar,                $691.30/t            -$6.51/t
 Russia's south                                             
 (IKAR)

Source: Reuters  |  #grain   |  Comments: 0   Views: 66

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