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Russian wheat prices up amid slow supply

Reuters, 21.07.20

* Farmers in Russia's south are not in a rush to sell their crop
* Weather conditions remain poor for development of spring wheat

MOSCOW, July 20 (Reuters) - Russian wheat export prices rose for the second consecutive week last week due to the slow pace of harvesting, which started later than a year ago, and weak supply from farmers in southern regions, analysts said on Monday.

Russian wheat with 12.5% protein loaded from Black Sea ports was at $208.5 a tonne free on board (FOB) at the end of last week, up $6.5 from the previous week, SovEcon agriculture consultancy said. Barley rose by $5 to $181 a tonne.

Another consultancy, IKAR, pegged wheat for supply in August at $209 a tonne, up $4.

"There is still a lot of talk about (Russia's) southern farmers remaining slow sellers," SovEcon said in a note.

"This could change in a few weeks due to an increase in supply from the Volga and Central regions."

SovEcon's forecast for Russia's 2020 wheat crop - 79.7 million tonnes - is higher than the estimates of some other analysts as it expects the country's final data on the 2020 sowing area, due to be released later this month, to exceed the official estimates.

Light rains arrived in several regions last week, but parts of the Volga, Western Siberia and Urals remain dry, SovEcon said, signalling poor weather conditions for spring wheat.

Other Russian data provided by SovEcon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd 12,000 rbls/t -700 rbls class wheat, ($167.7) European part of Russia, excludes delivery (SovEcon) - Sunflower seeds 23,725 rbls/t 625 rbls (SovEcon) - Domestic 52,850 rbls/t +350 rbls sunflower oil (SovEcon) - export $785/t +$25 sunflower oil (SovEcon) - Domestic 27,975 rbls/t -200 rbls soybean, European part of Russia (SovEcon) - white sugar, $421.2/t +$13 Russia's south (IKAR)

($1 = 71.5513 roubles)

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