Russian wheat export prices were broadly flat last week amid a weakening rouble and a rise in global benchmark prices, analysts and a trader said on Monday. Russia, one of the world's largest wheat exporters, has harvested 107 million tonnes of grain before drying and cleaning so far this year. The agriculture ministry sees a 2015 grain crop at 102 million tonnes by clean weight, down 3 million tonnes from a year ago.
"There has not been any significant action in terms of prices," a trader told Reuters. Black Sea prices for Russian wheat with 12.5 percent protein content were up $1 at $198 per tonne on a free-on-board (FOB) basis at the end of last week from a week earlier, agriculture consultancy IKAR said in a note. SovEcon, another Moscow-based consultancy, said FOB prices were down $1.5 to $200 per tonne.
Domestic prices for third-class wheat added 75 roubles to 10,675 roubles ($166.5) per tonne in the European part of Russia, on an ex-works basis, thanks to demand from exporters searching for volumes for their previously agreed contracts, SovEcon said. As for maize (corn), according to SovEcon, FOB prices were at $168-170 per tonne.
SovEcon also said average prices for sunflower seeds were down 250 roubles at 22,825 roubles per tonne. Domestic sunflower oil prices were 250 roubles lower at 49,600 roubles per tonne, while export prices were flat at $790 per tonne. Russia has already harvested 9.2 million tonnes of sunflower seeds this year up from 8.3 million tonnes a year ago. SovEcon is currently keeping its forecast for Russia's 2015 crop unchanged at 9.4 million tonnes of sunseeds and 14.3 million tonnes of oilseeds in total. The agriculture ministry expects the 2015 oilseeds harvest to be 14 million tonnes, up from last year's 13.8 million tonnes. That will allow the country to export 2.4 million tonnes of vegetable oils and to cover the domestic demand of 2 million tonnes, the ministry said in a statement on Monday.