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Russian export prices for new wheat crop boosted by forecast downgrades

Reuters, 25.05.20

MOSCOW, May 25 (Reuters) - Russian export prices for the new wheat crop, which is due to arrive this summer, rose last week after estimates for the new harvest were downgraded due to dry weather in April, analysts said on Monday.

Last week, the Russian agriculture ministry and IKAR, a leading agriculture consultancy, reduced their forecasts for the 2020 crop.

Russian wheat with 12.5% protein loaded from Black Sea ports and for delivery in July was at $202 a tonne free on board (FOB) at the end of last week, up $6 from a week earlier, SovEcon consultancy said in a note.

IKAR pegged the new crop of wheat for delivery in early July at $199 a tonne, up $4.

SovEcon said the weather had improved in the southern regions and remained favourable in other regions.

Rains came last week and are expected this week.

Russia exported 35.3 million tonnes of grain in July 1-May 21, down 13% from the year-earlier period, SovEcon said. Of this, wheat exports accounted for 30.2 million tonnes.

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.

Traders are in talks with grain terminals in Russian ports about the new season.

They are discussing transhipment fees at around $16 per tonne versus $22-24 a year ago, SovEcon said.

The agriculture ministry has sold 1.4 million tonnes of grain from its stockpile since the start of sales in April.

Other Russian data provided by SovEcon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd 13,950 rbls/t -150 rbls class wheat, ($194.6) European part of Russia, excludes delivery (SovEcon) - Sunflower seeds 24,400 rbls/t +225 rbls (SovEcon) - Domestic 51,000 rbls/t +150 rbls sunflower oil (SovEcon) - export sunflower $735/t +$35 oil (SovEcon) - white sugar, $370.8/t +$30 Russia's south (IKAR)

($1 = 71.6700 roubles)

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