Russian wheat export prices rose for the eighth consecutive week last week.
Indeed, according to the IKAR, Russian wheat with 12.5% protein loading from Black Sea ports for supply in late September was at $299.50 a tonne, free on board (FOB) at the end of last week, up $0.50 from the previous week.
SovEcon, meantime, pegged wheat prices up by $3 to $301 per tonne.
That is the highest Russian wheat price in seven years.
On the other hand, domestic 3rd class wheat, European part of Russia, excluded delivery, was at 15,100 roubles/t -100 rbls ($206.96) (Sovecon).
Barley fell by $2 to $260 per tonne;
Sunflower seeds were at 32,600 rbls/t -4,600 rbls (Sovecon);
Domestic sunflower oil was at 94,850 rbls/t -1,325 rbls (Sovecon);
Export sunfloweroil was at $1,240/t -$50 (IKAR);
Soybeans were at 49,400 rbls/t -700 rbls (Sovecon);
White sugar, Russia’s south, was at $615/t +$15 (IKAR).
($1 = 72.9600 roubles)
Outlook
Sovecon cut its forecast for Russia’s 2021 wheat production by 800,000 tonnes to 75.4 million tonnes because of low spring wheat yields last week.
Russia’s wheat export tax, which Moscow sets on a weekly basis, will rise to $46.50 a tonne for Sept. 8-14, from $39.40 a week earlier, meantime.
Export tax for barley will lower at $ 26.1, while for corn will increase
to $51.1.
The price index on which the tax is based remains lower than the actual FOB price.
Indeed, indicative price for wheat is at $266.5; for barley at $222.4; for corn at $258.1.
