IKAR in Mass Media

Russian wheat prices fall as export demand eases

05 августа 2013 года

MOSCOW, Aug 5 (Reuters) - Russia's wheat export prices fell last week as demand declined from traditional clients in North Africa, which preferred to buy from its competitors, analysts said on Monday.

Russia, one of the world's leading wheat exporters, had harvested 31 million tonnes of wheat from 40 percent of its planted area as of Aug. 5. It hopes to increase the crop by one third to at least 50 million tonnes after last year's drought.

Egypt, the world's top wheat importer and the largest buyer of Russia's wheat, bought 240,000 tonnes of Ukrainian and Romanian wheat last week at $252.34-$252.50 per tonne with freight costs of $13.00-$13.44.

Russian prices for wheat supplies with 12.5 percent protein content were down $3 at $251 per tonne in the Black Sea on a free-on-board (FOB) basis at the end of last week, the Institute for Agricultural Market Studies (IKAR), said in a note.

IKAR's quoted prices for wheat with 11.5 percent protein content were down $6 at $241 per tonne. SovEcon agriculture analysts quoted them flat at $246-251 per tonne in deep-water ports.

Russia's wheat followed European wheat futures, which fell on Monday to contract lows as harvest progress, including good results in northern French grain belts, added to pressure from weak U.S. prices.

November 2013 milling wheat on the Euronext futures market fell to a contact low of 184 euros ($240) a tonne by 1605 GMT.

Russia has exported about 2.4 million tonnes of grain in July, including 1.9 million tonnes of wheat, IKAR added. The country is expected to boost August wheat exports as progress with the harvesting campaign increases supply.

Offer prices for rapeseed fell to 10,400-10,800 roubles ($320-$330) per tonne from 11,000-11,500 roubles per tonne on excluding works (EXW) in the North Caucasus region, SovEcon added.

Russian white sugar prices were stable in roubles at 23,800 roubles per tonne but declined slightly in dollars to $722 per tonne from $731, according to IKAR.

($1 = 0.7553 euros) ($1 = 32.9055 Russian roubles)

Source: Reuters | #grain | Comments: 0 Views: 78

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