MOSCOW: Russian wheat prices rose slightly last week after three weeks of declines, tracking higher prices in Chicago and Paris, the IKAR agriculture consultancy said on Monday.
Russian wheat with 12.5% protein content loading from Black Sea ports for supply in January was quoted at $330 a tonne free on board (FOB) at the end of last week, up $1 from the previous week, IKAR said.
Sovecon, another consultancy, pegged barley down by $2 at $297 a tonne.
Russian wheat exports are down by 37.7% since the start of the 2021/22 marketing season on July 1, owing to a smaller crop and an export tax that will rise to $94.90 per tonne this week.
Russian domestic wheat prices fell last week amid muted demand from exporters and domestic millers, Sovecon said, adding that the livestock sector remains the market’s main buyer but continues to lower its bids. “Approaching the long New Year holiday has not led to a substantial increase in demand. Buyers are still relaxed and not rushing to buy as any upside in the rouble prices is limited by strict export taxes,” Sovecon added. Russia’s New Year holiday is from Dec. 31 to Jan. 9.
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