Russian wheat export prices rose in the first 10 days of May, supported by higher prices in Chicago and Paris on corn supply concerns and despite low market activity during Russia’s May 1-10 official holiday.
According to IKAR, russian wheat with 12.5% protein loading from Black Sea ports for supply in June was at $278 a tonne free on board (FOB) at the end of last week, up $13 from late April.
According to Sovecon, wheat prices rose by $4 to $274 a tonne.
Meantime, barley was up $2 at $247 a tonne.
Trading activity at export terminals was close to zero.
Many traders, indeed, were on vacation while farmers were busy in fields.
However, bids continued to rise on stronger demand.
Weather remains favourable for Russia’s coming wheat crop with healthy rains in Russia’s central and Volga regions the previous week.
The southern regions were a bit dry but more rains are expected this week.
IKAR, in contrast, reduced its forecast for Russia’s 2021 wheat crop by 500,000 tonnes to 79 million tonnes.
It expects Russia’s carry-over stocks at June 30, when the current 2020/21 marketing season ends, to be 12 million tonnes.
Below a summary of other Russian data provided by Sovecon and IKAR:
Product: Price at the end Change from week
of last week: earlier
-Domestic 3rd 14,225 roubles/t -----rbls
class wheat, ($192,4)
European part of
Russia, excludes
delivery
(Sov. Ag.)
- Sunflower seeds 52,875 rbls/t ----rbls
(Sov. Ag.)
- Domestic 115,025 rbls/t
sunflower oil
(Sov. Ag.)
- export $1,545/t $--
sunflower oil
(Sov. Ag.)
- export $1,530/t $--
sunflower oil
(Rus. Ag.)
Domestic
- soybeans 49,100 rbls/t
(Sov. Ag.)
- white sugar $602.04/t $--
(Rus. Ag.)
($1 = 73.9400 roubles)
Source: Reuters
