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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 rise with Paris futures

Reuters, 08.10.19


* Export prices for Russian wheat rose last week as Paris futures held near a two-month high on improving export prospects for western European wheat.

* Egypt's state grains buyer, GASC bought 60,000 tonnes of French wheat in a tender last week. Egypt is traditionally the largest buyer of Russian wheat.

MOSCOW: Export prices for Russian wheat rose last week as Paris futures held near a two-month high on improving export prospects for western European wheat, analysts said on Monday.

Egypt's state grains buyer, GASC bought 60,000 tonnes of French wheat in a tender last week. Egypt is traditionally the largest buyer of Russian wheat, but the price of Russian offered was too high to remain competitive.

Black Sea prices for Russian wheat with 12.5pc protein content were up $6.50 at $194.50 per tonne on a free on board (FOB) basis at the end of last week, agricultural consultancy SovEcon said in a note.

IKAR, another agricultural consultancy in Moscow, pegged wheat prices for the nearest supply at $190 per tonne, up $1.50.

Barley was unchanged at $179 a tonne, and “there are no corn offers as Russia cannot compete with Ukraine, which harvests another bumper crop", Sovecon said.

IKAR said earlier on Monday it had raised its forecast for Russian wheat crop this year by 400,000 tonnes to 75.4 million tonnes. Its grain crop forecast remained at 122 million tonnes.

Russia's Grain Union, a non-governmental farmers' lobby group, raised its forecast for Russia's 2019 grain crop by 1.62 million tonnes to 123.3 million tonnes, the Interfax news agency reported on Monday.

The wheat crop is now seen at 75.8 million tonnes with at least 34 million tonnes available for exports.

GRAIN GROUP

Russia has exported 13.9 million tonnes of grain since the start of the 2019/20 season, 12pc less than during the same period of the previous year, SovEcon said. That figure included 12.1 million tonnes of wheat.

Russia's deputy prime minister in charge of agriculture proposed the creation of a grain organisation along the lines of the Organization of the Petroleum Exporting Countries (OPEC), Interfax reported on Saturday, citing Alexei Gordeyev's office.

The “grain OPEC" would aim to ensure stability on the grain market, coordinate price policy and solve world hunger problems and might include Russia, the European Union, the United States, Canada, and Argentina, among others, Gordeyev said.

Prices for fourth-class wheat in European parts of Russia rose 75 roubles to 10,185 roubles 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 77pc of the planned area, or 13.4 million hectares.

The sowing is delayed compared with a year ago due to dry weather in the southern regions, SovEcon said, adding that recent rains in the European part of Russia had improved moisture reserves in soil for winter crops. More rains are expected within two weeks.

Sunflower seed prices fell sharply due to the arrival of the new crop, sliding 875 roubles to 18,100 roubles a tonne, while domestic sunflower oil prices fell by 600 roubles to 44,325 roubles a tonne, SovEcon added. FOB export prices for sunflower oil for October shipment fell by $10 to $680 a tonne.

IKAR said its price index for white sugar from southern Russia fell by $6 to $333 a tonne.



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