Russian wheat export prices were slightly up last week as a weaker rouble limited supply, analysts said on Monday. Russia, a major global wheat exporter, has seen its currency drop against the dollar and the euro this year due to falling oil prices and Western sanctions against Moscow. "There was a shortage of supplies in the Black Sea ports at the prior week's prices," Dmitry Rylko, head of IKAR, one of the leading Moscow-based agriculture consultancies, said.
"Players are not willing to sell in the region because prices are not falling but slowly strengthening whereas the rouble is weakening, so everyone prefers to stick with the commodity rather than sell," Rylko said. IKAR said free-on-board (FOB) prices for Russian wheat with 12.5 percent protein content in the Black Sea were at $237 per tonne last week compared with $234 a week earlier.
SovEcon, another agriculture consultancy, estimated FOB prices for wheat with the same protein content at $237.5 per tonne in deep-water ports, up $3. In the domestic sunflower seed market, SovEcon said prices surged 775 roubles to 13,175 roubles ($322), while IKAR pegged its index at $329 per tonne. According to SovEcon, FOB Black Sea prices for crude sunflower oil dropped by $5 to $795 a tonne, while IKAR pegged them at $790 per tonne, up $20.
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