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Markets

Russian export prices for wheat rise due to delays at customs

  • IKAR added that wheat for supply in February was quoted at $260 per tonne. IKAR also downgraded its forecast for Russia's 2020/21 wheat exports earlier on Monday.
Published December 21, 2020
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MOSCOW: Russian wheat export prices rose last week as traders reported delays in obtaining export documents from Russia's customs service and following an earlier rally in global wheat markets, analysts said on Monday.

Russia, one of the world's largest wheat exporters, is trying to stabilise food prices with a grain export quota and a wheat export tax from Feb. 15 to June 30.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in January was at $257 a tonne on a free-on-board (FOB) basis at the end of last week, up $5 the week before, the IKAR agriculture consultancy said in a note.

Sovecon said wheat and barley export prices rose by $2 to $259 a tonne and $218 a tonne, respectively.

IKAR added that wheat for supply in February was quoted at $260 per tonne. IKAR also downgraded its forecast for Russia's 2020/21 wheat exports earlier on Monday.

Russia will also impose tariffs on the export of soybeans to ensure domestic firms have sufficient raw material, its economy ministry said on Saturday.

Most of Russian winter wheat sowing regions remain dry, which means higher risks of damage to their sowings during the winter, Sovecon said. There is also cold weather in the Volga region, but risks for sowings are limited so far, it added.

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