Russian wheat prices were broadly stable for a second consecutive week thanks to a strengthening of the rouble against the dollar, analysts said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content for January supply were $182 per tonne on a free-on-board (FOB) basis at the end of last week, down $0.5 from a week earlier, Russian agricultural consultancy IKAR said. SovEcon, another Moscow-based consultancy, quoted FOB wheat at $181.5 a tonne, down $0.5, and maize (corn) prices unchanged at $172 per tonne.
The rouble has been rising thanks to month-end tax repayments and an increase in oil prices last week. Trading activity was low, however, with Western financial markets shut due to the Christmas holiday period. Russia's official New Year holidays last from January 1 to January 8. Russia exported 19.0 million tonnes of grain between July 1 and December 21, down 2.1 percent year-on-year, including 14.9 million tonnes of wheat, the agriculture ministry said.
IKAR sees Russia's July-December wheat exports at 15.7 million tonnes, slightly higher than a year ago. Domestic prices for third-class wheat, excluding delivery costs, fell by 25 roubles to 10,650 roubles ($175) a tonne in the European part of Russia, according to SovEcon. Sunflower seed prices fell 75 roubles to 20,825 roubles a tonne, SovEcon said. Domestic sunflower oil prices fell 650 roubles to 47,925 roubles, while export oil prices were down $10 at $770 a tonne. IKAR's white sugar price index for southern Russia fell $1 to $542.2 a tonne as of December 23. ($1 = 60.8040 roubles)