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Russian wheat prices rise on global crop concerns

Reuters, 04.07.17

MOSCOW, July 3 (Reuters) - Russian wheat export prices have risen for a seventh week on the back of higher global benchmarks, lifted by concerns of crop losses due to bad weather, analysts said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content and for July delivery were at $188 a tonne on a free-on-board (FOB) basis at the end of last week, up from $185.50 a tonne a week earlier, Russian agricultural consultancy IKAR said in a note.

SovEcon, another Moscow-based consultancy, put Black Sea new crop prices for supply in July-August at $184-187 per tonne, compared to $183-186 a tonne a week earlier.

"The growth so far is limited and does not reflect the rapid increase in futures quotations at the end of the week," SovEcon said. "If futures quotations stay close to current levels, we will see a significant increase in export prices for Russian wheat in the near future."

Russia exported 35.08 million tonnes of grains, including 26.82 million tonnes of wheat, between July 1 and June 28, the agriculture ministry said. The pace of grain exports was up 3.8 percent year-on-year.

Domestic prices for third-class wheat added 50 roubles compared with the end-week earlier to 9,300 roubles ($156.71) a tonne in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

Russian sunflower seed prices rose by 50 roubles to 18,800 roubles per tonne, SovEcon said, while domestic sunflower oil prices increased by 575 roubles to 42,075 roubles and export oil prices were unchanged at $715 per tonne.

IKAR's white sugar price index for southern Russia rose to $745 a tonne last week, up from $690 a week earlier. ($1 = 59.3438 roubles)

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