Russia's wheat export prices fell for the third time in a row last week due to lower prices in Chicago and Paris and only a small reduction in Russia's grain export quota, analysts said on Monday.
Russia plans to set its wheat export quota at 8 million tons from February 15 to June 30, 2022, the country's Ministry of Economic Affairs announced on Friday, which means a reduction of 1 million tons compared to the previously planned level.
Russian wheat with 12.5% protein loaded at Black Sea ports for delivery in late December or early January was quoted at the end of last week at USD 329 per tonne FOB, USD 5 less than the previous week, the consulting firm IKAR said.
Wheat fell $ 3 to $ 335 per tonne, while barley fell $ 5 to $ 299 per tonne, according to Sovecon.
Russian wheat exports have declined 37.5% since the 2021/22 marketing season began on July 1 due to a lower harvest and an export tax that will rise to $ 94.0 per ton this week.
The formula of this tax will have a higher multiplier when prices rise to $ 375 per ton, and the multiplier will continue to increase when prices reach $ 400 per ton, as suggested on the state's website for regulations on Friday showed.
Russia plans to set its wheat export quota at 8 million tons from February 15 to June 30, 2022, the country's Ministry of Economic Affairs announced on Friday, which means a reduction of 1 million tons compared to the previously planned level.
Russian wheat with 12.5% protein loaded at Black Sea ports for delivery in late December or early January was quoted at the end of last week at USD 329 per tonne FOB, USD 5 less than the previous week, the consulting firm IKAR said.
Wheat fell $ 3 to $ 335 per tonne, while barley fell $ 5 to $ 299 per tonne, according to Sovecon.
Russian wheat exports have declined 37.5% since the 2021/22 marketing season began on July 1 due to a lower harvest and an export tax that will rise to $ 94.0 per ton this week.
The formula of this tax will have a higher multiplier when prices rise to $ 375 per ton, and the multiplier will continue to increase when prices reach $ 400 per ton, as suggested on the state's website for regulations on Friday showed.
Source
Hansa Terminhandel GmbH