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Russian export prices for new wheat crop down with global benchmark

Reuters, 18.05.20

MOSCOW, May 18 (Reuters) - Russian export prices for the new wheat crop, which is due to arrive this summer, fell last week following a decline in the global benchmark in Chicago, analysts said on Monday.

Beneficial May rain put Russia, Ukraine and Kazakhstan - all major Black Sea producers - back on track for large wheat exports in the new marketing season after a dry April, analysts said last week.

The new crop of Russian wheat with 12.5% protein loaded from Black Sea ports was at $195-197 a tonne free on board (FOB) at the end of last week vs $198-200 a week earlier, SovEcon consultancy said in a note.. IKAR, another Moscow agriculture consultancy, pegged the new crop of wheat for delivery in July-August at $195 a tonne, down $1.

The U.S. Department of Agriculture expects Russia to remain the world's top wheat exporter in the 2020/21 season, which starts on July 1, it said last week.

Russia exported 35.3 million tonnes of grain between July 1 and May 14, down 12% from the year-earlier period, SovEcon said, citing customs data.

Of this, wheat exports accounted for 30.2 million tonnes.

Russia's May exports of wheat, barley and maize (corn) are expected to be 2.0 million tonnes, down from 3.7 million tonnes in April, SovEcon said.

Other Russian data provided by SovEcon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd 14,100 rbls/t -25 rbls class wheat, ($193.5) European part of Russia, excludes delivery (SovEcon) - Sunflower seeds 24,175 rbls/t +525 rbls (SovEcon) - Domestic 50,850 rbls/t Unchanged sunflower oil (SovEcon) - export sunflower $700/t +$10 oil (SovEcon) - white sugar, $340.9/t +$6 Russia's south (IKAR)

($1 = 72.8760 roubles)

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