Russian wheat fell for the third consecutive week last week.
Indeed, according to IKAR, Russian wheat with 12.5% protein loading from Black Sea ports for supply in late December or early January was $329 a tonne free on board (FOB) at the end of last week, down $5 from the previous week.
According to SovEcon, wheat export price was down $3 to $335 a tonne.
Barley fell by $5 to $299 a tonne.
Meantime, domestic 3rd class wheat, European part of Russia, excludes delivery, was valued at 15,075 roubles/t -125 rbls ($202.76) (Sovecon).
Price of sunflower seed were at 35,850 rbls/t -900 rbls from last week (Sovecon).
Sunfloweroil domestic price was down -650 rbls at 85,675 rbls/t (Sovecon).
Export price for sunflower oil was at $1,295/t -$80 (Sovecon).
Export price for sunflower oil was down -$60 at $1,315/t (IKAR).
Soybeans were down 3,100 rbls at 43,300 rbls/t (Sovecon).
White sugar, Russia’s south, was at $645.6/t +$3 (IKAR).
($1 = 74.3497 roubles).
Outlook:
Wheat export duty will rise to $94.0 per tonne this week.
However, the formula of this tax will have a higher multiplier if prices will rise to $375 per tonne and the multiplier will rise further if prices reach $400 per tonne.
Russia plans to set its wheat export quota at 8 million tonnes for Feb. 15 to June 30, 2022.
Meantime, according to SovEcon, Russian wheat exports are down by 37.5% since the start of the 2021/22 marketing season on July 1.
