Russian wheat export prices were largely unchanged last week, supported by a new floating duty in Russia and improving crop forecasts ahead of the start of the new marketing season.
According to IKAR, prices for new-crop Russian wheat with 12.5% protein loading from Black Sea ports and for supply in July were $249 a tonne free on board (FOB) at the end of last week, up $1 from the previous week.
3rd class domestic wheat, European part of Russia, excludes delivery, was at 13,525 rbls/t -250 rbls, ($187) (Sovecon);
Sunflower seeds was at 44,675 rbls/t -1,250 rbls (Sovecon);
Domestic sunfloweroil was at 100,000 rbls/t -6,175 rbls (Sovecon);
Export sunflower oil was at $1,115/t +$15 (Sovecon);
Soybeans was at 49,300 rbls/t -100 rbls (Sovecon);
White sugar, Russia’s south, was at $597.6/t -$5.2 (IKAR).
($1 = 72.1875 roubles).
Russia’s wheat export tax, has risen to $41.30 per tonne this week.
This is expected to boost Russian exports in June.
The market is under pressure on the start of the new harvest of a bumper crop.
Southern Ukraine and part of southern Russia received more rains and more importantly rains continued in Russia’s Siberia, the key #springwheat grower.
Consequentially, wheat exports from Russia, Ukraine and Kazakhstan are expected to rise by 5% in the new 2021/22 marketing season, which starts on July 1.
Sourced by Reuters
