Russian wheat prices fell sharply last week.
According to the IKAR, indeed, Russian wheat with 12.5% protein content from the Black Sea ports fell by $22 per tonnes to $368/t free on board (FOB)
Domestic 3rd class wheat, European part of Russia, excludes delivery was at 17,075 rbls/t -775 rbls ($207.91) according to SovEcon.
Sunflower seeds were valued at 49,125 rbls/t +225 rbls (Sovecon);
Domestic sunflower oil was at 128,350 rbls/t -5,000 rbls (Sovecon);
Export price for sunflower oil was at $1,850/t unchanged, according to IKAR;
Export price for sunflower oil was at $1,850/t -$200, according to Sovecon;
Soybeans were at 53,100 rbls/t -2,200 rbls (Sovecon);
White sugar, Russia’s south, was at $845/t +$33 (IKAR).
($1 = 82.1250 roubles)
Outlook:
Russia has managed to continue exporting through its Black Sea ports despite the Western sanctions that have complicated trade logistics and payment.
Russia, indeed, exported 560,000 tonnes of grains last week, compared with 400,000 tonnes a week earlier, according to Sovecon.
Russian prices were sharply down last week, both for export and domestic markets, mainly thanks to the strengthening of the rouble against the dollar.
That, indeed, trigghered some fresh deals, said Dmitry Rylko, head of the IKAR agriculture consultancy.
Meantime, Russia’s spring grain sowing continues in favourable weather.
The availability of fertilisers does not seem to be an issue for the 2022 crop.
By March 31 spring grains were planted on 509,000 hectares, against 339,000 hectares a year earlier, Sovecon said.
