Russian wheat export prices were up again last week.
According to the IKAR, indeed, Russian wheat with 12.5% protein loading from Black Sea ports for supply in the first half of November was valued at $317 a tonne free on board (FOB) at the end of last week, up $5 from the previous week.
Meantime, prices for supply in the second half of November are at $324.
According to SovEcon, wheat rose by $9 to $325 a tonne.
Barley jumped by $12 at $285 a tonne, meantime.
Domestic 3rd class wheat, European part of Russia, excludes delivery was valued at 14,850 roubles/t ($208.7) -125 rbls compared to last week (Sovecon);
Sunflower seeds were at 37,875 rbls/t -375 rbls (Sovecon);
Domestic sunfloweroil was at 88,000 rbls/t +325 rbls (Sovecon)
Sunflower oil export price according to Sovecon was at $1,355/t -$55;
Sunflower oil export price according to IKAR quoted at $1,360/t -$40;
Soybeans were at 50,300 rbls/t -500 rbls(Sovecon);
White sugar, Russia’s south was at $635.3/t +$1.4 (IKAR).
($1 = 71.1612 roubles)
Outlook
Russian wheat exports are down by 31.5% since the start of the 2021/22 marketing season on July 1, likely because of the state export tax, which will continue to rise also next week and will reach $69.9 per tonne.
Official export data for Russia only are published for August, which totaled 5.2 mmt and was undershot by the trade; Sovecon sees Sept. exports at 4.3 million tonnes with October at 3.4 million.
If Sovecon is right, then exports to date would be down 1.4 million tonnes or about 10%, which is a much lighter volume than what others are reporting.
In spite this, it should to note that wheat export prices in Russia, have been rising for four months on a weekly basis.
Chicago futures, a global benchmark for this market of course, are close to the highest since 2013 amid supply woes.
Demand from Egypt, the world’s largest wheat importer, don’t see stop.
GASC, Egypt’s state wheat buyer, purchased 360,000 tonnes at its tender last week at the FOB price of $327-328.7 per tonne.
A half of the purchase will come from Russia in December.
Gasc got others seven offers in its today’s wheat tender of that five were from Russian origin at the FOB price of $331.90 – 340.99 per tonne.
