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Russian wheat export prices down on global benchmarks

MOSCOW - Russian export prices for wheat fell last week, tracking a decline in Chicago wheat futures , which were weighed down by better crop conditions in the United States, agriculture consultancy IKAR said in a note on Monday.

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MOSCOW - Russian export prices for wheat fell last week, tracking a decline in Chicago wheat futures , which were weighed down by better crop conditions in the United States, agriculture consultancy IKAR said in a note on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content were at $195 per ton on a free-on-board (FOB) basis at the end of last week, down $3 from a week earlier, IKAR said. Prices in the Azov Sea were down $2 to $171 per ton.

SovEcon, another Moscow-based consultancy, said FOB wheat prices in the Black Sea were flat at $198.5 per ton and pegged corn (maize) FOB prices flat at $168-170 per ton.

Domestic prices for third-class wheat rose 150 roubles and reached 10,900 roubles ($165) per ton in the European part of Russia, on an ex-works basis, as exporters searched for volumes for previously agreed contracts, SovEcon said.

Russia has harvested 108 million ton of grain before drying and cleaning, including 64 million ton of wheat. The Agriculture ministry sees 2015 grain crop at 102 million ton after cleaning, down 3 million ton from a year ago.

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Russia's grain stocks at farms and at procurement and processing companies, excluding small farms, were up 1.9 percent from a year earlier to 43.7 million ton as of Nov. 1, data from the statistics service Rosstat showed.

As for domestic demand, the agriculture ministry boosted its grain purchases for state stocks to 190,600 ton last week from 146,610 tons a week earlier, according to SovEcon. The government has 1.96 million tons of grain in its stocks and plans to hold auctions on Nov. 24 and 25.

SovEcon also said average prices for sunflower seeds were up 450 roubles at 23,275 roubles per ton. Domestic sunflower oil prices were up 650 roubles to 51,000 roubles per ton, while export prices were flat at $790 per ton.

As for sugar, Russia has harvested 37.6 million tons of sugar beet, up from 33.1 million tons a year ago, thanks to higher yields. According to Russia's Sugar Producers Union, as of Nov. 16 some 61 plants had processed 25.7 million tons of sugar beet and produced 3.8 million tons of white sugar.

Russia imported 497,600 tons of raw sugar in January-October, down 12 percent year-on-year, according to the customs data.

Related Topics: WHEATCROPS
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