MOSCOW: Russian wheat prices rose last week with high demand, strong rouble currency and concerns about the extension of the Ukraine grain export deal, analysts said on Monday.
Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports rose by $5 to $317 a tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy said in a note.
Russia exported 1 million tonnes of grain last week, up from 640,000 tonnes the previous week, as lower wheat export tax supports traders’ margins, fellow consultancy Sovecon said, citing port data.
Sovecon sees wheat for immediate delivery at $310-314 per tonne.
Rains arrived in parts of Russia’s southern, central and Volga regions last week, Sovecon said, adding that farmers had already sown winter grain for the 2023 crop on 7.4 million hectares.
That compares with 8.5 million hectares around the same date in 2021.
IKAR also said on Monday that it had raised its forecast for Russia’s 2022 wheat crop by 2 million tonnes to 99 million tonnes.
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