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Russian wheat export prices down due to rising domestic supply

Reuters, 02.02.21

MOSCOW, Feb 1 (Reuters) - Russian wheat export prices fell for the second consecutive week last week due to more active supply from farmers concerned about upcoming higher wheat export taxes later in the marketing season, analysts said on Monday.

Moscow is attempting to reduce wheat exports to help curb rising domestic food prices. It imposed the tax of 25 euros ($30) per tonne for Feb. 15 to 28, rising to 50 euros/tonne from March 1. It also plans to switch to a more complicated formula-based regime in summer.

Russian wheat with 12.5% protein loading from Black Sea ports for supply between Feb. 15 and Feb. 28 was at $293 a tonne free on board (FOB) at the end of last week, down $3 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another Moscow consultancy, said wheat prices fell by $2 to $295, while barley rose by $9 to $247 a tonne due to strong export demand.

Prospects for March wheat exports from Russia are unclear so far, IKAR added. Russian wheat producing regions saw some good rains and snow last week, but the weather remains unusually warm in some of them, which means there is still a risk of plant damage in case of cold snap later in February, Sovecon said.

Other Russian data provided by Sovecon and IKAR: Product: Price at the end Change from week of last week: earlier - Domestic 3rd 15,400 roubles/t -350 rbls class wheat, ($203.8) European part of Russia, excludes delivery (Sovecon) - Sunflower seeds 41,400 rbls/t +3,925 rbls (Sovecon) - Domestic 92,675 rbls/t +3,000 rbls sunflower oil (Sovecon) - export $1,270/t +$35 sunflower oil (Sovecon) - export $1,270/t +$20 sunflower oil (IKAR) - Soybeans 40,500 rbls/t +1,000 rbls (Sovecon) - white sugar, $511.9/t -$19.7 Russia's south (IKAR) ($1 = 75.5700 roubles) ($1 = 0.8284 euros) (Reporting by Polina Devitt; editing by David Evans)

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