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Where the margin is 2020

Where the margin is 2020
February 6-7, 2020, Moscow

IKAR in Mass and Industry Media

Russian wheat prices unmoved by global benchmark fall

Reuters, 12.12.17

Russian wheat export prices were flat last week despite a fall in Chicago wheat, supported by buyers building up stocks before Russia’s long New Year holiday, analysts said.

Russian wheat prices remain competitive after the decline of recent months, the analysts said.

Chicago wheat prices, a global benchmark for the market, eased for a sixth straight session on Monday to set fresh contract lows as ample global inventories continued to weigh on prices.

Black Sea prices for Russian wheat with 12.5 percent protein content for December delivery were $191 a tonne free on board (FOB) at the end of last week, unchanged from a week earlier, agriculture consultancy IKAR said on Monday.

The price for this wheat is down $5 since late July when Russia’s record grain crop started hitting the market.

Russia will be on official New Year holiday from January 1-8, and some consumers prefer to increase their stocks before the market enters this quiet period.

SovEcon, another Moscow-based consultancy, said wheat and maize (corn) prices remained at $191.5 per tonne and $165 a tonne, respectively. IKAR pegged prices for barley at $192, up $0.5.

By Dec. 6, Russia had exported 22.8 million tonnes of grain since the start of the season on July 1, up 28 percent year-on-year, the agriculture ministry said. Wheat exports were up 27 percent at 17.6 million tonnes.

The country harvested a record 139.8 million tonnes of grain before drying and cleaning this year. Its farmers have already finished sowing of winter grains for next year’s crop at 17.1 million hectares, or 98.4 percent of the originally planned area.

Domestic prices for third-class wheat were up 50 roubles at 8,575 roubles ($145) a tonne 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 17,800 roubles a tonne last week, SovEcon said. Domestic sunflower oil prices were flat at 44,425 roubles per tonne, while FOB export oil prices fell $5 to $745 a tonne, respectively.

IKAR’s white sugar price index for southern Russia was down $5 to $430 a tonne as of Dec. 8.

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