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Russian wheat export prices flat, track stable global benchmarks

Reuters, 30.10.17

MOSCOW, Oct 30 (Reuters) - Russian wheat export prices remained flat for a second consecutive week, tracking fairly stable global benchmarks in Chicago Wv1 and Paris BL2Z7, analysts said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content for November delivery were at $193 per tonne on a free-on-board basis at the end of last week, up $0.50 from a week earlier, agriculture consultancy IKAR said.

SovEcon, another Moscow-based consultancy, said wheat, barley and maize (corn) prices remained unchanged at $192.50 per tonne, $189.50 per tonne and $165 per tonne, respectively. IKAR pegged barley and maize prices at $190 per tonne and $162 per tonne, respectively.

As of Oct. 25, Russia had exported 15.8 million tonnes of grain since the start of the 2017/18 marketing season on July 1, up 27 percent from a year earlier. Wheat exports were up 21 percent at 12.3 million tonnes.

Russia, one of the world's largest wheat exporters, is expected to produce a record grain crop this year. As of Oct. 27, farmers had harvested 135.1 million tonnes of grain, before drying and cleaning, from 96 percent of the total area.

Its farmers have also sown winter grains for next year's crop on 96 percent of the planned area, or on 16.6 million hectares, unchanged from the same date a year earlier, the Agriculture Ministry said.

Russia's southern regions, the main wheat producing and exporting area, has seen rains in recent day which have improved the condition of winter grains sowings after dry weather, Sovecon said.

Domestic prices for third-class wheat were up 25 roubles to 8,200 roubles, while prices for fourth-class wheat fell 50 rouble to 7,350 roubles 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 last week, for the first time in 10 weeks due to concerns over modest crop this year. They added 75 roubles to 16,675 roubles per tonne, SovEcon said.

SovEcon plans to update its sunflower seeds forecast next week. In late September, it reduced its forecast by 900,000 tonnes to 10.4 million tonnes.

IKAR's white sugar price index for southern Russia fell $10 to $398 a tonne as of Oct. 27.

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