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Russia gradually resuming Black Sea wheat exports

by Mike Robinson

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© Reuters.

(Reuters) – Russia is steadily resuming wheat exports from its Black Sea ports whereas navigation within the Azov Sea stays restricted, analysts stated on Monday.

Russia invaded Ukraine on Feb. 24, calling its actions a “particular navy operation”.

“Exports are ongoing from all of the 5 Black Sea (grain export) terminals,” IKAR agriculture consultancy stated in a notice.

Costs for Russian wheat stay extraordinarily unstable, IKAR stated, including that for wheat with 12.5% protein content material from the Black Sea ports they have been at $415 per tonne free on board (FOB) on March 11.

Sovecon, one other consultancy, stated that Russia’s Black Sea terminals loaded 400,000 tonnes of wheat final week, and that vessels have been going out and in of the ports there.

“Full navigation within the Azov Sea remains to be closed however some vessels are beginning to cross by the Kerch Strait (to the Black Sea),” it added.

Within the home market, Russian farmers began to refuse beforehand signed contracts amid sturdy demand from exporters and home consumers, Sovecon stated.

Russia’s current determination to droop grain exports to some ex-Soviet international locations is but to be accepted, however, Sovecon stated, market members already report unofficial restrictions for rail provides of grain from Siberia to Kazakhstan.

Russian wheat exports are down by 45.4% for the reason that begin of the 2021/22 advertising season on July 1 due to a smaller crop and an export tax that had been set at $86.3 a tonne for March 16-22.

A chilly snap is predicted in a number of winter wheat-producing areas in Russia this week however thick snow cowl will maintain sowings secure, Sovecon stated.

Different Russian knowledge offered by Sovecon and IKAR:

Product: Worth on the finish Change from week

of final week: earlier

– Home third class 15,600 +425 rbls

wheat, European half roubles/t($135.06

of Russia, excludes )

supply (Sovecon)

– Sunflower seeds 38,025 rbls/t +925 rbls

(Sovecon)

– Home sunflower 91,675 rbls/t +1,325 rbls

oil (Sovecon)

– Soybeans (Sovecon) 44,900 rbls/t +1,275 rbls

– White sugar, $581.40/t +$71.6

Russia’s south

(IKAR)

($1 = 115.5000 roubles)

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