Russian wheat prices rise after brief respite

Russian wheat exports are down by 29% since the start of the 2021/22 marketing season

  

MOSCOW- Russian wheat export prices gained last week after a brief pause on the back of a stronger rouble currency RU/RUB and higher global prices for the grain, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in the first half of November was $312 a tonne free on board (FOB) at the end of last week, up $2 from the previous week, said Dmitry Rylko, head of IKAR. 0#IKAR

Sovecon, another consultancy, pegged wheat as having risen $3 to $316 a tonne while barley was up $2 at $273 a tonne. Russian wheat export prices were stable on Oct. 8-15 after 13 weeks of consecutive growth.

Russian wheat exports are down by 29% since the start of the 2021/22 marketing season on July 1, partly because of the state export tax, which will continue to rise this week.

Farmers had sown winter grains on 17.0 million hectares for next year's crop, down from 17.9 million hectares at the same date a year ago, according to the agriculture ministry.

The weather conditions remain good for development of their sowings due to earlier healthy rains, Sovecon said. It expects Russia's 2022 wheat crop to rise to 80.7 million tonnes from 75.5 million tonnes in 2021. 

($1 = 70.3175 roubles)

(Reporting by Polina Devitt; Editing by Emelia Sithole-Matarise) ((Polina.Devitt@thomsonreuters.com))


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