MOSCOW: Russia is exporting more wheat via its Black Sea ports as Azov Sea routes remain restricted, analysts said on Monday, while domestic prices for the grain rose last week because of the weakening rouble.
“Exports are active. If the weather permits - it is currently unstable in the Black Sea due to strong wind - Russia will export more than 2 million tonnes of wheat in March,” said Dmitry Rylko, the head of the IKAR agriculture consultancy.
IKAR said prices for wheat with 12.5% protein content from the Black Sea ports were at $390 per tonne free on board (FOB), although Rylko said there were few new deals in recent days.
Sovecon, another consultancy, said: “Traders report some issues with payments from abroad when banks refuse to send money even to non-sanctioned institutions but the overall situation seems to improve.”
Western countries have imposed sanctions on Russia over the Ukraine crisis.
Sovecon said Russia exported 520,000 tonnes of grains last week compared with 410,000 tonnes a week earlier. “Russia continues to actively ship wheat, mainly from its Black Sea terminals,” the consultancy said.