MOSCOW: Russian wheat export prices have risen for the eighth consecutive week due to farmers hanging on to supplies in anticipation of rising prices, analysts said on Monday. Egypt, the world’s largest wheat importer, bought 240,000 tonnes of Russian and Romanian wheat in a tender last week, traders said.
Black Sea prices for Russian wheat with 12.5 percent protein content for November supply were at $181 a tonne on a free-on-board (FOB) basis at the end of last week, up $2 from a week earlier, Russian agricultural consultancy IKAR said. SovEcon, another Moscow-based consultancy, quoted FOB wheat prices as unchanged at $179.5 a tonne and maize (corn) prices at $169 per tonne. It did not provide a percentage move for maize.
Russia exported 14.0 million tonnes of grains, including 11.2 million tonnes of wheat, between July 1 and November 9, the agriculture ministry said. The pace of grain exports was down 4.7 percent year-on-year. Domestic prices for third-class wheat were up 150 roubles on the week at 10,575 roubles ($160) a tonne in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs. New-crop sunflower seed prices rose 75 roubles to 19,650 roubles a tonne, SovEcon said. Domestic sunflower oil prices remained at 48,500 roubles, while export oil prices were down $5 at $760 a tonne. IKAR’s white sugar price index for southern Russia fell $7.9 last week to $567.6 a tonne as of November 11.
