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Russian wheat prices up as domestic market debates grain export quota

Reuters, 01.12.20

* Domestic wheat prices down slightly
* Prices for sunflower oil up sharply

MOSCOW, Nov 30 (Reuters) - Russian wheat export prices rose last week amid debate between traders and domestic consumers about the proposed introduction of a grain export quota, analysts said on Monday.

Russia, one of the world's largest wheat exporters, is preparing to impose the quota to stabilise its domestic market after recent price rises, an idea supported by the agriculture ministry and traders.

Some livestock consumers are also calling for an export tariff.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in December was at $254 a tonne on a free-on-board (FOB) basis at the end of last week, up $2 from the week before, the IKAR agriculture consultancy said in a note.

Sovecon, another agriculture consultancy in Moscow, said wheat rose by $2 to $255, while barley rose by $1 to $216 a tonne.

Domestic wheat prices fell slightly as demand from flour millers declined. Domestic processors will soon start accumulating stockpiles ahead of the long New Year holiday, Sovecon said.

Weather conditions for Russia's winter grain sowings improved last week due to good precipitation in parts of the southern, Volga and central regions of the country, Sovecon said. Temperatures remain close to the norm.

Other Russian data provided by Sovecon and IKAR:

 Product:            Price at the end       Change from week
                        of last week:                earlier
 - Domestic 3rd         15,925 rbls/t               -50 rbls
 class wheat,                ($209.6)  
 European part of                      
 Russia, excludes                      
 - Sunflower seeds      39,025 rbls/t            +1,250 rbls
 - Domestic             86,850 rbls/t            +3,850 rbls
 sunflower oil                         
 - export                    $1,140/t                   +$40
 sunflower oil                         
 - export                    $1,130/t                    +$5
 sunflower oil                         
 - Soybeans             39,000 rbls/t            +1,300 rbls
 - white sugar,              $543.4/t                 +$18.9
 Russia's south                        
 ($1 = 75.9900 roubles)

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