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Russian wheat export prices fall as rouble weakens

Reuters, 09.02.21

MOSCOW, Feb 8 (Reuters) - Russian wheat export prices fell sharply last week due to a weakening of the rouble and still limited demand on global markets, analysts said on Monday.

Moscow aims to reduce wheat exports to help curb rising domestic food prices and plans to switch to a more complicated formula-based regime in the summer.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in March was at $286 a tonne free on board (FOB) at the end of last week, down $7 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another Moscow consultancy, said wheat prices fell by $10 to $285, while barley rose by $1 to $248.

The weather in Russian wheat-producing regions remained mostly dry with temperatures above normal and in other areas an approaching cold snap was likely to be short-lived, Sovecon said.

"The Black Earth and the Volga Valley received good snow (15-30 mm of precipitation) during the week. The South and the Lower Volga were mostly dry. Temperatures remained above norm (+1-3C)," it said.

Other Russian data provided by Sovecon and IKAR:

 Product:            Price at the end       Change from week
                        of last week:                earlier
 - Domestic 3rd     15,225 roubles/t               -175 rbls
 class wheat,               ($204.55)  
 European part of                      
 Russia, excludes                      
 - Sunflower seeds      42,725 rbls/t            +1,325 rbls
 - Domestic             95,500 rbls/t            +2,825 rbls
 sunflower oil                         
 - export                    $1,270/t                   flat
 sunflower oil                         
 - export                    $1,263/t                    -$7
 sunflower oil                         
 - Soybeans             42,000 rbls/t            +1,500 rbls
 - white sugar,              $528.2/t                 +$16.9
 Russia's south                        
 ($1 = 74.4310 roubles)

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