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Russian wheat export prices broadly stable amid limited supply

Reuters, 28.04.18

MOSCOW, April 28 (Reuters) - Russian wheat export prices were broadly stable this week as supply in export-focused Russia's southern regions is limited after recent rouble currency volatility, analysts said on Saturday.

Black Sea prices for Russian wheat with 12.5 percent protein content for delivery in May were at $213 a tonne free on board (FOB) at the end of this week, down $1.5 from a week earlier, Russian agricultural consultancy IKAR said in a note.

SovEcon, another Moscow-based consultancy, quoted FOB wheat prices flat at $213 a tonne, while maize (corn) prices were down $1 to $202 a tonne.

As of April 25, Russia had exported 43.2 million tonnes of grain since the start of the 2017/18 season on July 1, including 33.7 million tonnes of wheat, the Agriculture Ministry said. Grain exports were up 42 percent from the same period of the previous season.

Farmers have already sown spring grains on 11 percent of the planned area, or 3.4 million hectares, compared with 4.2 million hectares a year ago, according to the ministry.

Domestic prices for fourth-class wheat rose 75 roubles to 8,675 roubles ($139.6) a tonne at the end of this week in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.

Sunflower seed prices rose 100 roubles to 20,875 roubles a tonne, SovEcon said. Domestic sunflower oil prices rose 175 roubles to 44,175 roubles, while export oil prices were flat at $755 a tonne.

IKAR's white sugar price index for southern Russia was at $519.7 a tonne as of April 28, up $3.75 from the last week.

The next Reuters' wheat weekly is expected on May 14. Russia will be on official holiday on April 29-May 2 and then on May 9.

($1 = 62.1250 roubles)

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