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Russian wheat export prices rise with global prices

Reuters, 03.03.21

MOSCOW, March 1 (Reuters) - Russian wheat export prices rose for the second consecutive week last week due to higher prices in Chicago and Paris, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in March was at $287 a tonne free on board (FOB) at the end of last week, up $4 from the previous week, agriculture consultancy IKAR said.

Sovecon, another Moscow consultancy, said wheat and barley prices rose by $4 to $284 and $251 per tonne, respectively.

"Russia's wheat has recovered its competitive edge after a sell-off in the previous weeks," Sovecon said.

Russia doubled its wheat export tax to 50 euros ($60) per tonne starting from Monday. Sovecon expects the country's wheat exports to slow within the next two weeks.

Prices for Russian sunflower oil jumped by $85 and reached a 10-year high supported by growth in global vegetable oils, Sovecon said.

Cold weather in the main wheat producing regions last week was brief enough to have no damage on plants insulated by snow, Sovecon said, but the ice-crust remains a risk for several regions.

Following is a summary of other Russian data provided by Sovecon and IKAR:

 Product:            Price at the end       Change from week
                        of last week:                earlier
 - Domestic 3rd      13,875 roubles/t              -350 rbls
 class wheat,                ($187.4)  
 European part of                      
 Russia, excludes                      
 - Sunflower seeds      41,950 rbls/t            -1,250 rbls
 - Domestic            101,500 rbls/t            +1,675 rbls
 sunflower oil                         
 - export                    $1,440/t                   +$85
 sunflower oil                         
 - export                    $1,470/t                  +$120
 sunflower oil                         
 - Soybeans             41,250 rbls/t                 -1,550
 - white sugar,             $590.72/t                  +$8.6
 Russia's south                        
 ($1 = 74.0500 roubles)
($1 = 0.8306 euros)

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