MOSCOW: Russian wheat export prices rose last week along with global prices and as the rouble continued to strengthen, while new-crop wheat was also being offered at current prices, analysts said.
The price of Russian wheat with 12.5percent protein content for free-on-board delivery in June - early July was USD240 a metric ton at the end of last week, up USD1.0 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.
The price of new-crop wheat which is due to hit the market in July is also USD240 per ton, he noted. IKAR has revised its estimate for May wheat exports upwards to more than 3 million tons from 2.5–2.8 million tons a week earlier.
Sovecon consultancy expects prices for Russian wheat with 12.5percent protein content at between USD240 and USD242 a ton compared to between USD238 and USD241 last week.
“FOB prices moved higher, though demand still looks weak. A strong rouble and elevated domestic prices continue to underpin Russian FOB values,” the head of Sovecon, Andrey Sizov, said.
“We do not see a catalyst for FOB prices to move materially higher for now, importers are likely to remain cautious.”
Sovecon has revised its estimate for May wheat exports downwards by 0.3 million tons compared with last week, to 2.7 million tons.
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