Russian wheat export prices rose further last week on strong demand from traders who need to fulfil obligations on earlier signed contracts, analysts said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content were at $193.5 a tonne on a free-on-board (FOB) basis at the end of last week, up $3 from a week earlier, Russian agricultural consultancy IKAR said in a note.
SovEcon, another Moscow-based consultancy, quoted FOB wheat prices in the Black Sea area at $195 per tonne, up $2, and maize (corn) prices at $184 per tonne, up $3. Russia exported 31.2 million tonnes of grains, including 22.5 million tonnes of wheat, between July 1 and May 11, the agriculture ministry said. The pace of grain exports was up 11 percent year-on-year.
IKAR has upgraded its forecast for Russia's 2015/16 wheat exports by 200,000 tonnes to 24 million tonnes, it said. The current 2015/16 marketing year runs until June 30. Domestic prices for third-class wheat rose by 125 roubles compared with the end of the week earlier to 10,975 roubles ($169) a tonne in the European part of Russia on an ex-works basis, according to SovEcon. Ex-works supply does not include delivery costs.
SovEcon also said average prices for sunflower seeds rose by 250 roubles to 23,635 roubles a tonne. Domestic sunflower oil prices rose by 575 roubles to 53,250 roubles a tonne, while FOB Black Sea export prices were up $5 to $805 a tonne. IKAR's white sugar price index for southern Russia was at $616 a tonne at the end of last week, up $4 from a week earlier.