Russia is gradually resuming wheat exports from its BlackSea ports while navigation in the AzovSea remains restricted.
According to the IKAR, indeed, exports are ongoing from all the five Black Sea (grain export) terminals.
However, prices for Russian wheat remain extremely volatile.
Indeed, wheat with 12.5% protein content from the Black Sea ports was valued at $415 per tonne free on board (FOB) on March 11, IKAR said.
According to SovEcon, the domestic 3rd class wheat European part of Russia, excluded delivery, was valued at 15,600 roubles/t +425 rbls ($135.06).
Sunflower seeds were valued at 38,025 rbls/t +925 rbls.
Domestic sunfloweroil was at 91,675 rbls/t +1,325 rbls.
Soybeans were valued at 44,900 rbls/t +1,275 rbls.
Whitesugar, in Russia’s south, was valued at $581.40/t +$71.6 according to IKAR.
($1 = 115.5000 roubles)
Outlook
According to Sovecon, Russia’s Black Sea terminals loaded 400,000 tonnes of wheat last week, althought full navigation in the Azov Sea is still closed.
In the domestic market, Russian farmers started to refuse previously signed contracts, amid strong demand from exporters and domestic buyers.
Russian wheat exports are down by 45.4% since the start of the 2021/22 marketing season on July 1.
Meanwhile, Russia’s recent decision to suspend grain exports to some ex-Soviet countries is yet to be approved, althought, market participants already report unofficial restrictions for rail supplies of grain from Siberia to Kazakhstan, Sovecon said.
On the wether side, a cold snap is expected in several winter wheat-producing regions in Russia this week but thick snow cover will keep sowings safe, Sovecon said.
