Russian wheat export prices steady, weather allows more shipments
Russian wheat export prices held steady around $237 per ton, with shipments slightly rising due to improved port weather. Export forecasts increased to about 4 million tons, while favourable weather and strong crop conditions in key regions support a positive outlook for production.
MOSCOW: Russian wheat export prices remained steady at the end of last week, whilst shipments picked up slightly thanks to a temporary improvement in the weather at ports, analysts said.
The price of Russian wheat with 12.5 percent protein content for free-on-board (FOB) delivery in May was USD237 a metric ton at the end of last week, up USD1 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.
IKAR maintained the export estimate this month at 3.8–4.2 million tons, the same as a week earlier. Sovecon expects prices for Russian wheat with 12.5 percent protein content at USD237 to USD239 a ton FOB, also the same as the week before.
The agency revised its export forecast upwards to 4.0 million tons for April from 3.7 million tons last week.
Weather remains favo-urable for crops, Sovecon noted. Temperatures were below normal in many winter wheat regions last week, but remained above threatening levels.
Krasnodar, a key area for Russian grain exports and one which has suffered severely from drought and late frosts for two years running, has announced the completion of sowing for early spring crops, including wheat and barley. Conditions for the new harvest are favourable and the condition of 99 percent of winter crops is described as good or satisfactory.
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Source : Business Recorder
