IKAR in Mass Media

Russia’s wheat prices up on record exports

10 сентября 2014 года

MOSCOW: Russian wheat prices rose last week, supported by a record pace of exports which offset pressure from harvesting, analysts said on Monday.

Russia, one of the world's largest wheat exporters, supplied a record 4.5 million tonnes of grains, including 4.2 million tonnes of wheat, to foreign countries in August, SovEcon, a Russian agriculture consultancy, said, citing preliminary data.

"The price growth is supported by domestic and export demand," SovEcon said in a note.

Concerns over a possible escalation of the conflict in Ukraine also supported global and Russian wheat prices and caused Russia's rouble currency to weaken, adding support to the country's wheat exports.

The rouble fell to an all-time low against the dollar on Monday, as the West accused Russia of deploying its troops in Ukraine and threatened new sanctions against Russia.

Russian prices for milling wheat with 12.5 percent protein content rose $1.5 last week to $247.5 per tonne in Russian deep-water ports on a free-on-board (FOB) basis compared with a week earlier.

IKAR, another agriculture consultancy, quoted FOB Black Sea export prices for wheat with the same percent of protein content at $244 per tonne, up $1, it said in a note. In the Azov Sea its wheat price index was at $220 per tonne.

Russian farmers had threshed 47.3 million tonnes of grains from 56 percent of the planned area as of Aug. 29, up from 39.5 million tonnes at the same date a year ago, according to Russia's Agriculture ministry.

Prices for feed barley in the Black Sea and in the Azov Sea were at $211 per tonne and $176 per tonne respectively, IKAR said.

It quoted new-crop sunflower seed prices down $18 at $322 per tonne, while FOB Black Sea crude sunoil prices were flat at $730 per tonne.

IKAR also said its white sugar prices index fell to $659 per tonne from $666 per tonne.

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Source: Business Recorder | #grain | Comments: 0 Views: 68

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