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Delayed harvest supports Russian wheat prices

13 июля 2015 года

MOSCOW, July 9 (Reuters) - Russian wheat export prices rose further last week, supported by delayed harvesting, the rouble strengthening and an increase in global prices, analysts said.

The grain harvest in Russia, one of the world's key wheat exporters, has been delayed by rainy weather in southern regions.

"In Russia's exporting south, prices for all classes of wheat and also for barley rose," SovEcon agriculture consultancy said in a note.

"Market participants are concerned over a possible lack of grains for already concluded contracts due to delayed harvesting," SovEcon said, adding the situation was more stable in other regions of the country.

Black Sea forward prices for Russia's new-crop wheat with 12.5 percent protein content were at $199 per tonne on a free-on-board (FOB) basis at the end of last week, up $9 on a week earlier, the IKAR consultancy said.

SovEcon also quoted wheat export prices at the same level and pegged FOB barley prices at $182.5 per tonne. IKAR's barley price index was at $186 per tonne.

Earlier this week, a state buyer for Egypt, the world's largest wheat importer, agreed to buy 120,000 tonnes of Russian wheat for $202-202.4 per tonne on the FOB basis for Aug. 11-20 shipment.

The country's farmers have harvested 6.7 million tonnes of all grains from 3.8 percent of the total area, down from 10.9 million tonnes at the same stage a year ago. Yields were at 3.77 tonnes per hectare, up from 3.54 tonnes.

In particular, they have harvested 3.3 million tonnes of wheat, down from 7.1 million tonnes a year ago, with yields at 3.74 tonnes per hectare compared with 3.59 a year ago, according to Agriculture Ministry data.

Russia exported a record 32 million tonnes of all grains in the 2014/15 marketing year ended on June 30, IKAR said. The estimate included 22.4 million tonnes of wheat, of which 700,000 tonnes were supplied to Kazakhstan, and also included 5.3 million tonnes of barley.

Domestic prices for third-class wheat were flat compared with a week earlier at 9,500 roubles per tonne in the European part of Russia on an ex-works basis, SovEcon said.

SovEcon added that current FOB Black Sea prices for crude sunflower oil were flat at $840-850 per tonne, while prices for oil from the new sunseed crop for October delivery were quoted at $770-780 per tonne.

Source: Reuters  |  #grain   |  Comments: 0   Views: 128

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