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Russian wheat prices down under pressure from new crop, weaker rouble – IKAR

Reuters, 04.08.20

Russian wheat export prices fell last week after three weeks of growth, under pressure from the arrival of the new crop and the weakening of the rouble against the dollar, IKAR agriculture consultancy said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports was at $207 a tonne free on board (FOB) for supply in August at the end of last week, down $3 from the week before, IKAR said in a note.

SovEcon, another consultancy in Moscow, pegged wheat unchanged at $209 per tonne. Barley was steady at $181 a tonne.

Russia’s grain exports are speeding up after a slow start to the new season.

Egypt’s state grains buyer, GASC bought 350,000 tonnes of Russian wheat and 120,000 tonnes of Ukrainian wheat last week.

The European part of Russia was mostly dry last week but rains are expected to arrive to some of its regions this week.

Some rainfall was seen in parts of the Urals and Siberia last week which could improve the condition of spring wheat sowings in the area, SovEcon said, but added that it was too late for any significant improvement.

“It looks like we are looking at a bad or very bad crop in the region,” it said.

Dry weather is expected in the Urals and Siberia this week.

Other Russian data provided by SovEcon and IKAR:

Product:            Price at the end of last week:  Change from week earlier

- Domestic 3rd class wheat, European part of Russia, excludes delivery (SovEcon)     12,450 rbls/t

($168)              +100 rbls

- Sunflower seeds (SovEcon)          24,050 rbls/t           +325 rbls

- Domestic sunflower oil (SovEcon)               56,175 rbls/t           +2,675 rbls

- export sunflower oil (SovEcon)    $810/t      +$15

- Domestic soybean, European part of Russia (SovEcon)              27,300 rbls/t           -550 rbls

- white sugar, Russia's south (IKAR)             $402/t      -$20.6

($1 = 74.1165 roubles)

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