MOSCOW — Russian wheat prices
continued to fall last week on the back of large supply volumes,
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analysts said, as talks on extending a landmark deal allowing
the safe export of grain from Ukraine’s Black Sea ports began in
Geneva.
The United Nations-brokered Black Sea Grain Initiative is up
for renewal on March 18, but Moscow has signaled it will only
agree to an extension if restrictions affecting its own exports
are lifted.
Talks between U.N. officials and Russian Deputy Foreign
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Minister Sergei Vershinin began on Monday.
Prices for Russian wheat with 12.5% protein content,
delivered free on board (FOB) from Black Sea ports, fell $2 to
$290 a tonne last week, the IKAR agriculture consultancy said.
“Markets continue to descend against the background of big
supply and rather limited demand,” IKAR head Dmitry Rylko said.
Russia exported 1 million tonnes of wheat last week, up from
770,000 tonnes the week before, the Sovecon consultancy said,
citing port data.
It estimates that Russia’s wheat exports in March could
reach 4.2 million tonnes, up from 2.1 million tons a year
earlier and the highest level since March 2018.
Russia’s sowing campaign began a few weeks ago. Weather
conditions for the crop in Russia’s south, a major wheat-growing
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area, have improved due to ample rainfall, Sovecon said.
Other Russian data provided by Sovecon and IKAR:
Product: Most recent data: Change from week
earlier
– Domestic 3rd class 12,100 rbls/t -50 rbls/t
wheat, European part
of Russia, excludes
delivery (Sovecon)
– Sunflower seeds 27,925 rbls/t +175 rbls/t
(Sovecon)
– Domestic sunflower 78,175 rbls/t 0
oil (Sovecon)
– Domestic soybeans 33,600 rbls/t +900 rbls/t
(Sovecon)
– Export sunflower $990/t -$30
oil (IKAR)
– White sugar, $704.87/t -$8
Russia’s south
(IKAR)
($1 = 75.27 roubles)
(Reporting by Olga Popova,
Writing by Caleb Davis,
Editing by Louise Heavens)
