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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 up on stronger rouble after lengthy fall

Reuters, 23.09.19

MOSCOW, Sept 23 (Reuters) - Export prices for Russian wheat rose last week for the first time in eight weeks due to a stronger rouble, rising futures in Chicago and reduced local supply as some farmers held off on sales, analysts said on Monday.

Black Sea prices for wheat with 12.5% protein content were up $2 at $187 a tonne on a free on board (FOB) basis by the end of the last week, agricultural consultancy SovEcon said in a note. Barley was steady at $177 a tonne.

IKAR, another agriculture consultancy in Moscow, pegged wheat prices for the nearest supply at $186 per tonne, up $2.

"The market has reached its seasonal bottom," IKAR said, while SovEcon said: "The downtrend in wheat is over."

The strengthening of the rouble against the U.S. dollar has been supported by higher oil prices in recent days. December wheat WZ9contracts saw their third straight weekly gain in Chicago last week. RU/RUB

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), agreed to buy 180,000 tonnes of Russian wheat in a purchase tender last week. Egypt is traditionally the largest buyer of Russian wheat.

Russia has exported 11.5 million tonnes of grain since the start of the 2019/20 season, 12% less than the same period of the previous year, SovEcon said. That figure included 10.0 million tonnes of wheat.

Prices for third-class wheat in European parts of Russia had fallen 100 roubles to 10,400 roubles ($162.60) a tonne on the domestic market by the end of last week, SovEcon said. That price was on an ex-works basis, which excludes delivery costs.

Russian farmers have already sown winter grains for next year's crop on 58% of the planned area, or 10.2 million hectares.

The sowing is running with a record pace, according to official data, due to it starting earlier in the southern region of Rostov, SovEcon said. Data on particular crops was unavailable, it added.

Dry weather across most of Ukraine delayed sowing winter grain for next year's crop, the nation's weather forecaster said last week. Ukraine and Russia are both hoping for rain in the coming weeks and need it by early- or mid-October.

"Some rains arrived to parts of Russia, however it is still dry for development of winter sowings," SovEcon said. "More rains are expected in next few weeks."

Sunflower seed prices fell sharply due to the arrival of the new crop, sliding 450 roubles to 19,200 roubles a tonne, while domestic sunflower oil prices fell by 500 roubles to 45,375 roubles a tonne, SovEcon added.

FOB export prices for sunflower oil for October shipment fell by $5 to $700 a tonne due to expectations of large crop in Russia and Ukraine.

IKAR said its price index for white sugar from southern Russia rose by $2 to $351.9 a tonne.

($1 = 63.9475 roubles)

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