Russian wheat export prices rose last week with higher wheat prices in Chicago, analysts said on Monday, adding that the country’s exports were slowing down due to seasonal factors.
Prices for wheat with 12.5% protein content for supply in May from Black Sea ports were at $390 free on board (FOB) at the end of last week, up $5 from a week earlier, the IKAR agriculture consultancy said.
Sovecon, another consultancy, said, citing data from ports, that Russia exported 330,000 tonnes of grains last week compared with 440,000 tonnes a week earlier.
The consultancy expects the pace of wheat exports from Russia to slow to 1 million tonnes in May from 2.2 million tonnes in April as the state export quota is being depleted.
In the domestic market, prices fell due to strong rouble currency and higher supply from farmers who need to clean up their storage before the new crop arrives in summer.
Russia’s 2022 wheat crop is expected to reach a record-high of 87 million tonnes, President Vladimir Putin said last week.
Spring grains were planted on 12.6 million hectares as of May 12 vs 11.5 million hectares a year ago as the sowing accelerated in Russia’s Volga region, Sovecon said.
The weather remains very good for the upcoming crop, Sovecon said, adding that farmers across almost all key regions report good conditions for winter wheat.