According to the IKAR, Russian wheat export prices were stable last week.In fact, Russian wheat with 12.5% protein loading from Black Sea ports for supply in early November was valued at $310 a tonne free on board (FOB) at the end of last week.
According to the ag consultancy SovEcon, instead, Russian wheat export price rose by $1 to $313 a tonne. Barley export price was up $2 at $271 a tonne. Domestic 3rd class wheat, European part of Russia, excludes delivery, was valued at 15,150 roubles/t +125 rbls ($212.6) (Sovecon); Sunflowerseeds were at 37,800 rbls/t +350 rbls (Sovecon); Domestic sunfloweroil was unchanged to 85,325 rbls/t (Sovecon); Export sunflower oil quoted at $1,350/t -$25 (Sovecon); Export sunflower oil was at $1,360/t +$5 oil (IKAR);Soybeans were unchanged to 50,800 rbls/t (Sovecon); White sugar, Russia’s south, was valued at $626.9/t +$3 (IKAR).($1 = 71.2475 roubles). OutlookAccording to the Russian Ag Ministry, as of 8/10/2021, Russia had harvested 109.9 MMT of grains. Of that, 75.8 MMT were wheat; 18.5 MMT of barley; 4.7 MMT of corn. Russia is the world’s largest wheat exporter. However, Russian wheat exports are down by 26% since the start of the 2021/22 marketing season on July 1. Partly because of the state export tax, which will continue to rise this week. Partly as farmers’ reluctance to sell at the moment. Partly due to a stronger rouble. All that, makes Russian export-focused products less competitive on global marketsMeantime, per latest data released by the Ministry of Agriculture, Russia farmers had sown winter grains on 15.3 million hectares for next year’s crop, down from 16.6 million hectares at the same date a year ago.There is no publicly available data just for winter wheat but, according to the Sovecon, Russia’s total winter wheat sowing area could fall this autumn by 0.8-1.2 million hectares from a year ago.
