Russian wheat prices rose last week.
A strong demand from importers and many domestic buyers as well as a worsening outlook for the global crop, are pushing up Russian prices.
In this context, according to the agriculture consultancy IKAR, Russian wheat with 12.5% protein loading from Black Sea ports for supply in August was $267 a tonne free on board (FOB) at the end of past week, up $13 from the previous week.
Also SovEcon recorded a $13 rise in Russian wheat, with a quote of $268 a tonne.
Barley, meantime, was up $9 at $233.
The domestic 3rd class wheat European part of #Russia, excludes delivery, was at 13,450 roubles/t +625 rbls, ($183.04) (Sovecon);
Sunflower seeds was at 37,825 rbls/t, unchanged from last week (Sovecon);
Domestic sunfloweroil was at 92,325 rbls/t +1,325 rbls (Sovecon); Export sunflower oil was at $1,230/t -$10 (Sovecon);
Export sunflower oil was at $1,230/t -$20 (IKAR);
Soybeans was unchanged from past week at 47,400 rbls/t (Sovecon);
White sugar, from Russia’s south was at $574.0/t +$1.2 (IKAR).
($1 = 73.4800 roubles).
Domestic wheat prices rose sharply, mainly on worsening prospects for this year’s crop.
Additionally many traders and domestic buyers are short, while many sellers default on existing contracts leading to more panic buying.
However, this rally is expected to slow down thanks to competition with the European Union and Ukraine.
Indeed, exports from Russia were weak in July, due #harvest delayes, but not only, also because other countries had had more competitive prices.
However, export are expected to speed up to between 4 million and 4.5 million tonnes in August.
