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Released Mar 13, 2023 – 1 minute checked out
MOSCOW– Russian wheat costs
continued to fall recently on the back of big supply volumes,
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experts stated, as talks on extending a landmark offer enabling
the safe export of grain from Ukraine’s Black Sea ports started in
Geneva.
The United Nations-brokered Black Sea Grain Initiative is up
for renewal on March 18, however Moscow has actually indicated it will just
consent to an extension if limitations impacting its own exports
are raised.
Talks in between U.N. authorities and Russian Deputy Foreign
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Minister Sergei Vershinin started on Monday.
Rates for Russian wheat with 12.5% protein material,
provided totally free on board (FOB) from Black Sea ports, fell $2 to
$290 a tonne recently, the IKAR farming consultancy stated.
“Markets continue to come down versus the background of huge
supply and rather restricted need,” IKAR head Dmitry Rylko stated.
Russia exported 1 million tonnes of wheat recently, up from
770,000 tonnes the week previously, the Sovecon consultancy stated,
mentioning port information.
It approximates that Russia’s wheat exports in March might
reach 4.2 million tonnes, up from 2.1 million loads a year
earlier and the greatest level given that March 2018.
Russia’s sowing project started a couple of weeks back. Weather condition
conditions for the crop in Russia’s south, a significant wheat-growing
location, have actually enhanced due to sufficient rains, Sovecon stated.
Other Russian information offered by Sovecon and IKAR:
Item: Most current information: Change from week
earlier
— Domestic 3rd class 12,100 rbls/t -50 rbls/t
wheat, European part
of Russia, omits
shipment (Sovecon)
— Sunflower seeds 27,925 rbls/t +175 rbls/t
(Sovecon)
— Domestic sunflower 78,175 rbls/t 0
oil (Sovecon)
— Domestic soybeans 33,600 rbls/t +900 rbls/t
(Sovecon)
— Export sunflower $990/t -$30
oil (IKAR)
— White sugar, $704.87/ t -$8
Russia’s south
(IKAR)
($1 = 75.27 roubles)
(Reporting by Olga Popova,
Composing by Caleb Davis,
Modifying by Louise Heavens)
