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Russian wheat prices down after two weeks of growth

Reuters, 25.11.20


* Domestic livestock producers ask government for export tax
* Prices for sunflower seeds, sunflower oil up sharply
* Russian farmers sowed record area with winter grains

MOSCOW, Nov 23 (Reuters) - Russian wheat export prices fell last week after two weeks of growth amid stable wheat prices in Chicago, a global benchmark for this market, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports and for supply in December was at $252 a tonne free on board (FOB) at the end of last week, down $2 from the previous week, the IKAR agriculture consultancy said in a note.

Sovecon, another agriculture consultancy in Moscow, said wheat fell by $1 to $253, while barley remained at $215 a tonne.

Russian livestock producers sent a letter to the government last week saying that a grain export quota, proposed by the agriculture ministry at 15 million tonnes for Feb. 15-June 30, could stabilise the domestic wheat market but would not be enough to drive the prices down.

The letter proposed reintroducing an export tax for wheat, which is currently at a zero level, Sovecon said. The government or the agriculture ministry are yet to reply on it.

Sovecon also said there are market rumours that the ministry could offer subsidies to the flour millers.

Russian farmers sowed a record area of 19.2 million hectares with winter grains despite dry weather, Sovecon said, adding that sowings were in bad shape in many regions.

Other Russian data provided by Sovecon and IKAR:

 Product:            Price at the end       Change from week
                        of last week:                earlier
 - Domestic 3rd         15,975 rbls/t               -75 rbls
 class wheat,                  ($211)  
 European part of                      
 Russia, excludes                      
 delivery                              
 (Sovecon)                             
 - Sunflower seeds      37,775 rbls/t            +2,625 rbls
 (Sovecon)                             
 - Domestic             83,000 rbls/t            +4,325 rbls
 sunflower oil                         
 (Sovecon)                             
 - export                    $1,100/t                   +$30
 sunflower oil                         
 (Sovecon)                             
 - export                    $1,125/t                   +$80
 sunflower oil                         
 (IKAR)                                
 - Soybeans             37,700 rbls/t            +3,050 rbls
 (Sovecon)                             
 - white sugar,              $524.5/t                   -$20
 Russia's south                        
 (IKAR)                                
 ($1 = 75.7300 roubles)


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