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Supply Chain

Russian Export Prices For Wheat Down Slightly After Month Of Growth

Russian wheat export prices fell slightly last week, putting the breaks on one month of growth, due to lower Chicago wheat prices and rouble currency trading near the six-month low against the dollar, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports and for supply in October was at $233 a tonne free on board (FOB) at the end of last week, down $2 from the previous week, agriculture consultancy IKAR said in a note.

Analysts at Refinitiv pegged wheat at $235 a tonne, down $0.5. Sovecon, another Moscow consultancy, said that barley rose $2 to $194 a tonne.

However, domestic rouble prices for wheat continued to rally on strong demand from exporters and livestock farms, Sovecon said.

Large Wheat Crop

Russia's 2020 wheat crop is large, but a lot of farmers are not in a rush to sell it as they have enough cash for the winter wheat sowing campaign and are prepared to store their crop.

According to Sovecon, weaker rouble and rising domestic prices increase the risk of the state intervention in some form.

Russia's agriculture ministry previously said that it would decide in October on whether to impose a grain export quota in January-June 2021.

Weather remains dry in most of Russia's winter wheat sowing regions, and rains are needed badly in the coming weeks.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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