Russian wheat export prices rise third week in a row
Russian wheat export prices climbed for a third straight week, with 12.5% protein wheat quoted around USD229–231 per tonne FOB for early March. A stronger rouble, higher domestic prices and firmer MATIF futures supported values, while January export volumes were revised lower amid port weather disruptions.
MOSCOW: Russian wheat export prices rose for the third week in a row amid a strengthening rouble and poor weather at ports while analysts do not yet see any damage to crops from a cold spell that hit many areas of the country.
The price of Russian wheat with 12.5percent protein content for free-on-board (FOB) delivery at the beginning of March was USD231.0 a metric ton at the end of last week, up USD2 from a week earlier, said Dmitry Rylko, head of the IKAR consultancy.
IKAR cut its estimate of January wheat exports to 2.5 million tons from the previously expected less than 3.0 million tons. Sovecon estimated the price for the same type of Russian wheat at USD229-USD231 a ton FOB, compared with USD228-USD230 at the end of the previous week.
“Russian FOB is supported by a strong rouble, higher domestic prices and rising MATIF (Euronext wheat),” Sovecon said in a weekly report.
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Source : Business Recorder
