According to IKAR and SovEcon, Russian wheat export prices for wheat with 12.5% protein content, from the BlackSea ports were being assessed at around $390 per tonne free on board (FOB), last week.
Domestic 3rd class wheat, European part of Russia, excludes delivery, was valued at 17,850 ($182.19) +1,700 rbls roubles/t (Sovecon);
Price for sunflower seeds was at 48,900 rbls/t +9,775 rbls (Sovecon);
Domestic sunfloweroil was valued at 133,350 rbls/t +35,000 rbls (Sovecon);
Soybeans was at 55,300 rbls/t +8,300 rbls (Sovecon);
Whitesugar, Russia’s south, was at $812.1/t +$67.8 (IKAR).
According to regional agribusiness management bodies, as of March 23, 2022, the average Russian prices for the 3-class wheat were 15.824 rubles/ton (+2,5% within a week).
Price for the 4-class wheat, was 14.960 rubles/ton (+1.1% within a week).
For the 5-class wheat price was at 14.470 rubles/ton (+2,2% within a week).
For feed barley was at 14.096 rubles/ton (+1,7% within a week).
For corn, price was at 13.895 rubles/ton (+0,5% within a week).
As of March 24, 2022 export prices FOB Novorossiysk, were for the Russian 4-class wheat (protein 12,5%) at 420 USD/ton (-20 USD/ton within 2 weeks).
For barley was at 425 USD/ton (no change).
Corn export price was at 350 USD/ton (+20 USD/ton within 1 week).
Outlook:
Russia kept its wheat exports steady via its Black Sea ports last week, though, according to Sovecon, Russia exported 400,000 tonnes of grains last week, compared with 520,000 tonnes a week earlier.
However, export flow continues as a combination of old and newly signed contracts according to IKAR.
AzovSea routes remain restricted, while domestic prices for the grain continued to rally.
Western sanctions imposed on Russia, have complicated trade logistics and transactions in foreign banks for many Russian firms in the last four weeks.
Indeed, buyers do not want to buy at FOB that carry delivery risk.
Thus traders mainly sell, Russian wheat, C&F basis, according to Sovecon.
In the domestic market, prices for wheat in roubles continued to rally to reflect earlier depreciation of the Russian currency against the dollar, Sovecon said.
However, the rouble strengthened in Moscow trade on this morning, heading back towards a near four-week high against the dollar.
Meantime, Russia’s southern regions have started spring grains sowing amid favourable weather.
As of March 18, spring grains were planted on 222,000 hectares compared with 178,000 hectares on the same date a year ago, Sovecon said.
($1 = 97.9750 roubles).
