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Russian wheat prices down with approaching harvest pressure

Reuters, 29.06.22

June 27 (Reuters) - Russian export prices for the new wheat crop, which farmers will start harvesting within days, fell last week due to good crop prospects and after a decline in Chicago and Paris prices, analysts said on Monday.

Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $20 to $400 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, said prices for Russian wheat for supply in July-August were assessed at $390-$400 per tonne compared to $403-$410 a week ago.

Russia exported 500,000 tonnes of grain last week compared with 220,000 tonnes a week earlier, Sovecon, said, citing data from ports.

The weather conditions were favourable for the new crop last week with healthy rains in the most producing regions, Sovecon said.

However, part of Russia's south, its breadbasket, could see more rains this week, which is not welcome at this stage as it could potentially worsen the quality of the new wheat crop, it added.

Other Russian data provided by Sovecon and IKAR:

 Product:                Price at the end     Change from week
                            of last week:              earlier
 - Domestic 3rd class       14,175 rbls/t            -500 rbls
 wheat, European part           ($266.70)  
 of Russia, excludes                       
 delivery (Sovecon)                        
 - Sunflower seeds          28,450 rbls/t          -1,225 rbls
 - Domestic sunflower       79,825 rbls/t          -7,850 rbls
 oil (Sovecon)                             
 - Domestic soybeans        36,600 rbls/t          -1,600 rbls
 - Export sunflower              $1,600/t                -$210
 oil (Sovecon)                             
 - Export sunflower              $1,500/t                 -$70
 oil (IKAR)                                
 - White sugar,               $1,006.40/t                 +$92
 Russia's south                            
    ($1 = 53.1500 roubles)

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