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Russian wheat export prices rise on strong demand
Wednesday, March-15-2017

Russian wheat export prices rose for a second week on demand from exporters looking to buy for their soon-to-be-fulfilled contracts, an analyst said on Monday.
 
Black Sea prices for Russian wheat with 12.5 percent protein content for March delivery were $193 a tonne on a free on board (FOB) basis at the end of last week, up $1 from the previous week, Russian agricultural consultancy IKAR said.
 
The demand is high because some purchases were delayed by stormy weather in ports in February, Dmitry Rylko, the head of IKAR, said.
 
He expects a gradual decline in prices after demand eases due to the weaker rouble currency. SovEcon, another Moscow-based consultancy, quoted FOB wheat at $192 a tonne at the end of last week, down $0.5 from a week earlier. It said some traders had run into a shortage of supplies for loading in shallow-water ports.
 
Russia exported 25.6 million tonnes of grain between July 1 and March 8, down 1.3 percent from a year earlier, including 19.8 million tonnes of wheat, the agriculture ministry said.
 
Domestic grain prices continue to fall gradually on the back of seasonally high supply as farmers need to raise funds for the spring grain sowing, SovEcon said.
 
 
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