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Russian wheat prices rise with global benchmarks, demand – analyst

Russian wheat export prices rose last week with global benchmarks and demand from importers, the IKAR agriculture consultancy said on Monday. Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports rose by $2 to $312 a tonne free on board (FOB) at the end of last week, IKAR said in a note.

Russia exported 640,000 tonnes of grain last week, down from 760,000 tonnes the previous week, fellow consultancy Sovecon said, citing port data. Sovecon expects Russian grain exports to grow to 4.95 million tonnes in September, up from 4.20 million in August. Domestic wheat prices in roubles also rose last week amid demand from traders seeking to secure more grain for approaching vessels, it added. Rains are expected to arrive in Russia’s southern, central and Volga regions this week, Sovecon said, adding that farmers had already sown winter grain for the 2023 crop on 4.8 million hectares.

That compares with 5.4 million hectares around the same date in 2021. Other Russian data provided by Sovecon and IKAR: Product: Price at the end Change from week of last week: earlier – Domestic 3rd class 12,250 rbls/t +275 rbls wheat, European part ($201.81) of Russia, excludes delivery (Sovecon) – Sunflower seeds 24,850 rbls/t -825 rbls (Sovecon) – Domestic sunflower 72,500 rbls/t -175 rbls oil (Sovecon) – Domestic soybeans 31,900 rbls/t -2,350 rbls (Sovecon) – Export sunflower $1,270/t -$90 oil (Sovecon) – Export sunflower $1,110/t -$80 oil (IKAR) – White sugar, $805.9/t -$32.4 Russia’s south (IKAR) Harvesting data provided by Sovecon as of Sept 8: All grains: Wheat Barley Crop, mln tonnes 126.5 92.7 22.2 Crop, as of same 96.0 69.3 17.2 date in 2021 Yield, 3.50 3.83 3.14 tonnes/hectare Yield, as of same 2.67 2.92 2.42 date in 2021 Harvested area, 36.1 24.2 7.1 mln hectares Harvested area, as 36.0 23.7 7.1 of same date in 2021 * Russia’s agriculture ministry has yet to publish harvesting data in detail for the current season.

Source: Reuters

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