MOSCOW – April 11, 2022
Russian wheat export prices were stable last week.
The rouble strength against the dollar as well as domestic weaker demand, weighened on grain prices.
According to the IKAR, indeed, wheat prices with 12.5% protein content from the Black Sea ports were stable at $368 free on board (FOB) last week, meanwhile SovEcon said that wheat export prices were assessed between $370 and $380 per tonne.
Price for domestic 3rd class wheat, European part of Russia, exludes delivery, was at 16,725 rbls/t ($206.55), down 350 rbls from prior week, according to Sovecon;
Sunflower seeds were at 46,500 rbls/t, -2,625 rbls (Sovecon);
Domestic sunflower oil was at 123,350 rbls/t, -5,000 rbls (Sovecon);
Price for export sunfloweroil was at $1,830/t -$20 (IKAR);
Soybeans were at 52,300 rbls/t, -800 rbls (Sovecon);
Whitsugar, Russia’s south, was at $898.4/t +$53 (IKAR).
Outlook:
Russia has managed to continue exporting through its Black Sea ports, despite the Western sanctions, that have complicated trade logistics and payments.
A lower demand from exporters as export taxes increased, however, has allowed Russia, to export only 400,000 tonnes of grains last week.
That was down, compared to the 560,000 tonnes a week earlier.
Consequentially, April exports from Russia are expected to decline.
Meantime, farmers ‘ stocks were still high.
The weather continues to favour Russia’s spring grain sowing.
By April 1, spring grains were planted on 563,000 hectares, against 360,000 hectares a year earlier, Sovecon said.
($1 = 80.9750 roubles)
