MOSCOW: Russian wheat export prices rose slightly last week, with the market still assessing the impact of strikes on Iran, analysts said on Monday.
Analysts lowered their export estimates for February, but expect an increase in March.
The price of Russian wheat with 12.5percent protein content for free-on-board (FOB) delivery in April was USD233.5 a metric ton at the end of last week, up USD0.5 from a week earlier, Dmitry Rylko, head of the IKAR consultancy, said.
The situation with FOB prices at the beginning of the week, following the US and Israeli strikes on Iran, is not yet entirely clear, he noted.
“Exchange prices have skyrocketed. But we have a number of factors that counteract the rise in FOB prices,” he said.
Prices may be affected by the situation with purchases by importers from the Persian Gulf countries and neighbouring countries as well as by dynamics of insurance premiums.
“In other words, it is not necessarily the case that the rise in exchange prices will result in an increase in FOB prices.”
Russian FOB was supported last week by slow selling and a strong rouble last week, the head of Sovecon agency Andrey Sizov said.
Sovecon estimated the price for Russian wheat with 12.5percent protein at USD233 to USD236 a ton FOB, compared with USD232 to USD236 the previous week. The agency lowered its estimate for wheat exports in February by 0.3 million ton to 3 million tons.
On Wednesday Sovecon trimmed its 2025/26 Russian wheat export forecast by 0.3 million ton to 45.4 million tons.
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