The Russian wheat market kept rising last week, as did those in sunseeds and crude sunoil, traders said. Demand from exporters was the main reason behind the wheat rise. The number of buyers was quite small but their intensive activity was heating the market.
Some traders said that some millers had increased demand for wheat in the Central Black Earth region. Milling wheat of both third and fourth grade added 50 roubles per tonne last week, and feed wheat gained 25 roubles per tonne. Other cereals were rather stable. Feed maize rose slightly on some distillery demand.
Sunsets and crude sunoil were rising firmly last week. Most processors increased bid prices to 7,300-7,500 roubles per tonne, including delivery to crushers. Traders say some processors paid 100-200 roubles per tonne above the average bid prices, as supply in the main crushing regions was low. Sunoil increased by 500 roubles per tonne due to high world prices.
Egypt's state-owned Food Industries Holding Company (FIHC), a major importer of Russian sunoil, bought 6,000 tonnes of oil at $769 per tonne (C&F) at an auction in the beginning of May, and $40 up from the previous April 19.