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Russian wheat prices up as supply remains slow

Reuters, 28.07.20

* Traders are buying actively wheat outside Russia's south
* Rains arrived to some regions, but Siberia, Volga remain dry

MOSCOW, July 27 (Reuters) - Russian wheat export prices rose for the third consecutive week last week as farmers in southern regions were slow to ship out the new crop, analysts said on Monday.

Exports from Russia, the world's second largest wheat exporter after the European Union, are warming up after a slow start of this season, which began on July 1.

Traders are buying wheat more actively in the Volga and the Black Earth regions, consultancy SovEcon said, which could support higher prices there but limit further price growth in regions closer to the Black Sea.

Russian wheat with 12.5% protein loading from Black Sea ports was at $210 a tonne free on board (FOB) for supply in August at the end of last week, up $1 from the week before, the IKAR agriculture consultancy said in a note. SovEcon pegged it at $209 per tonne, up $0.5. Barley remained at $181 a tonne.

"Some traders say they have contracted enough grain for approaching vessels," SovEcon said.

While Russia's 2020 grain harvest is progressing, some rains arrived in its Central and Southern regions last week and increased moisture reserves in soil for spring crops.

Some rains were also seen in the Urals, but Western Siberia and Volga remained dry, meaning that risks for spring wheat yields there continue to rise.

Other Russian data provided by SovEcon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd 12,350 rbls/t +350 rbls class wheat, ($172.6) European part of Russia, excludes delivery (SovEcon) - Sunflower seeds 23,725 rbls/t unchanged (SovEcon) - Domestic 53,500 rbls/t +650 rbls sunflower oil (SovEcon) - export $795/t +$10 sunflower oil (SovEcon) - Domestic 27,850 rbls/t -125 rbls soybean, European part of Russia (SovEcon) - white sugar, $422.8/t +$1.6 Russia's south (IKAR)

($1 = 71.5650 roubles)

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