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Russian wheat export prices rise due to strong demand in ports

Reuters, 14.03.17

Russian wheat export prices rose for a second week on demand from exporters looking to buy for their soon-to-be-fulfilled contracts, an analyst said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content for March delivery were $193 a tonne on a free on board (FOB) basis at the end of last week, up $1 from the previous week, Russian agricultural consultancy IKAR said.

The demand is high because some purchases were delayed by stormy weather in ports in February, Dmitry Rylko, the head of IKAR, said. He expects a gradual decline in prices after demand eases due to the weaker rouble currency.

SovEcon, another Moscow-based consultancy, quoted FOB wheat at $192 a tonne at the end of last week, down $0.5 from a week earlier. It said some traders had run into a shortage of supplies for loading in shallow-water ports.

Russia exported 25.6 million tonnes of grain between July 1 and March 8, down 1.3 percent from a year earlier, including 19.8 million tonnes of wheat, the agriculture ministry said.

Domestic grain prices continue to fall gradually on the back of seasonally high supply as farmers need to raise funds for the spring grain sowing, SovEcon said.

Domestic prices for third-class wheat, excluding delivery, fell 125 roubles to 10,175 roubles ($172.5) a tonne in the European part of Russia at the end of last week, SovEcon said.

Sunflower seeds fell 225 roubles to 19,175 roubles a tonne, SovEcon said. Domestic sunflower oil fell 325 roubles to 43,350 roubles while export prices were down $5 to $735 a tonne.

IKAR’s white sugar price index for southern Russia had risen $10 to $544 a tonne as of March 10.

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