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Russia's wheat export prices rise

Business Recorder, 27.11.13

Export prices for Russian wheat rose further last week and are high compared with global prices, meaning they are likely to fall despite Russia's unexpected win of an Egyptian tender, analysts said on Monday. Prices for Russian wheat with 12.5 percent protein content strengthened $4 to $288 a tonne in the Black Sea on a free-on-board (FOB) basis compared with a week earlier, the Institute for Agricultural Market Studies (IKAR) said.

Earlier in November traders said Russian farmers, defaulting on forward sales in the hope of obtaining higher prices, had priced their wheat out of world markets.

However last week Egypt, the world's biggest importer of wheat, bought 120,000 tonnes of Russian wheat.

"Despite the unexpected success on the Egyptian tender, in our view, Russian wheat prices are already too high compared with the global market. We expect stabilisation (of prices) and in some cases probably a fall in the market," SovEcon agricultural analysts said in a note.

High wheat prices in Russia have been supported this season by a lack of high quality wheat, government plans to replenish state stocks after last year's drought and delayed harvesting.

Russia, officially expected to export about 20 million tonnes of grains this 2013/14 marketing year, had sold 13.4 million tonnes of grains, including 10.5 million tonnes of wheat, as of November 20, IKAR said.

In October the country exported 2.6 million tonnes of grains, including 1.8 million tonnes of wheat and excluding pulses.

Prices for sunflower seeds rose 200 roubles to 9,700 roubles ($280) per tonne last week, SovEcon said.

IKAR's sunseed price index rose to 10,180 roubles from 10,030.

Export prices for sunflower oil fell $10 to $890-900 a tonne on a FOB basis in the Black Sea, SovEcon added, while IKAR quoted the export crude sunoil price down $5 at $860 a tonne.

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