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Russian wheat export prices down

Reuters, 04.02.21


MOSCOW: 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.



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