Russia: Wheat export prices firmer again

The prices for Russian export wheat rose for the third time in a row last week due to the price increase on the leading stock exchange in Chicago. Dry weather in several major wheat exporting countries, including Russia, heightened concerns about scarce supplies and pushed prices to a six-year high. However, rainfall over the weekend in Russia relieved the situation somewhat.
Export wheat with 12.5% protein, loaded at Black Sea ports for delivery in October, rose by $ 6 to $ 251 per ton of FOB in the past week, reports the agricultural consultancy IKAR. SovEcon reports a $ 9 increase to $ 248 / tonne FOB. The price of barley rose $ 4 to $ 207 / ton.
Sovecon also said that domestic consumers of Russian wheat were increasingly concerned about prices after wheat hit record highs last week on a ruble basis amid a weak Russian currency and high export prices.
The Russian Association of Poultry Producers last week asked the Ministry of Agriculture to regulate grain prices or provide additional subsidies.The ministry previously announced that Russia would set a grain export quota for January to June 2021.
Sovecon also announced that it had increased its forecast for the 2020 Russian grain harvest by 2.4 million tons to 132.9 million tons. The estimate for wheat was increased by 1.1 million tons to 84.4 million tons.
Hansa Terminhandel GmbH
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