Russian wheat prices rose slightly last week after three weeks of decline, following higher rates on the CBoT in Chicago and Paris.
Russian wheat with a protein content of 12.5%, which will be loaded from Black Sea ports for delivery in January, was quoted at USD 330 per tonne of fob late last week, USD 1 more than the previous week, said market analyst ICAR.
Another consulting firm, SovEcon, has downgraded barley prices by $ 2 to $ 297 per ton.
Russian wheat exports have declined 37.7% since the start of the 2021/22 marketing season on July 1, due to a lower harvest and export tax, which will rise to $ 94.90 per ton this week.
Russian domestic wheat prices fell last week due to subdued demand from exporters and domestic millers, SovEcon said, adding that the livestock sector remains the main buyer of the market and continues to cut its bids.
"The approach of the long New Year holidays has not yet resulted in a significant increase in demand.Buyers are still relaxed and in no rush as an upward trend in wheat prices in rubles is limited by strict export taxes, "added SovEcon.
Russia's New Year holidays start on December 31st and end on January 9th.
The risks for the crops from cold weather, which is expected this week in Russia's central and Volga regions, are considered to be low due to the good snow cover, said SovEcon.
Source
Hansa Terminhandel GmbH