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Russian wheat export prices down on competition with US, EU wheat

Reuters, 29.11.17

Russian wheat export prices fell slightly last week due to stronger competition with wheat from the United States and the European Union, analysts said on Monday.

Chicago wheat futures, a benchmark for the global market, slipped on Friday and continued their decline on Monday due to weak U.S. wheat export data also dragging the Paris wheat price down.

Black Sea prices for Russian wheat with 12.5 percent protein content for December delivery were $190.5 a tonne free on board (FOB) at the end of last week, down $0.5 from a week earlier, agriculture consultancy IKAR said.

SovEcon, another Moscow-based consultancy, said wheat prices fell $0.5 to $191.5 per tonne, while barley and maize (corn) both fell $1 to $192.5 a tonne and $165 a tonne, respectively.

In December, Russian grain may be supported by active purchases from companies building up their reserves before the start of the New Year holiday, SovEcon added.

By Nov. 22, Russia had exported 20.2 million tonnes of grain since the start of the season on July 1, up 27.6 percent year-on-year. Wheat exports were up 25.4 percent at 15.6 million tonnes.

Russia, which is expected to produce a record grain crop this year, has already harvested 138.7 million tonnes of grain before drying and cleaning. Its farmers have also sown winter grains for next year’s crop on 98.2 percent of the planned area.

Domestic prices for third-class wheat were up 125 roubles at 8,500 roubles ($146), for fourth-class wheat – up 25 roubles to 7,550 roubles a tonne respectively in the European part of Russia on an ex-works basis, SovEcon said. Ex-works supply does not include delivery costs.

Russian sunflower seed prices rose 150 roubles to 17,475 roubles a tonne last week, SovEcon said. Domestic sunflower oil prices rose 100 roubles to 44,425 roubles per tonne, while FOB export oil prices fell $5 to $750 a tonne.

IKAR’s white sugar price index for southern Russia rose $15 to $445 a tonne as of Nov. 24.

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