Russian grain exports were active this past week and wheat was exported via BlackSea ports, as AzovSea routes remain restricted.
According to IKAR, although there were few new deals in recent days, prices for Russian wheat with 12.5% protein content from the Black Sea ports were at $390 per tonne free on board (FOB).
In the domestic market, domestic 3rd class wheat European part of Russia, excluded delivery, was valued at 16,150 roubles/t ($154/t) +550 rbls from prior week (Sovecon);
Prices of sunflower seeds were at 39,125 rbls/t +1,100 rbls (Sovecon);
Domestic prices of sunfloweroil were at 98,350 rbls/t +6,675 rbls (Sovecon);
Soybeans were at 47,000 rbls/t +2,100 rbls (Sovecon);
Whitesugar, Russia’s south was at $744.3/t +$163
(IKAR) ($1 = 104.8595 roubles)
Outlook
Russia banned grain exports to some ex-Soviet countries last week, but promised to keep on providing licences to traders within its current quota for exports elsewhere.
SovEcon said Russia exported 520,000 tonnes of grains last week, up compared with 410,000 tonnes a week earlier.
On this wake, analysts expect that Russia will export more than 2 million tonnes of wheat in March.
Some traders reported issues with payments from abroad as banks refuse to send money even to non-sanctioned institutions, however, the overall situation seems to improve.
Meantime, Russian domestic grain prices rose last week also because of the weakening rouble.
