Russia exports more wheat via the Black Sea, domestic grain prices rise
Russia is exporting more wheat through its Black Sea ports as Sea of Azov routes remain restricted, analysts said on Monday, as domestic grain prices rose last week on weakening ruble.
“Exports are active. Weather permitting – it is currently unstable in the Black Sea due to strong winds – Russia will export more than 2 million tonnes of wheat in March,” said Dmitry Rylko, head of agricultural consultancy IKAR.
IKAR said prices for 12.5% protein wheat from Black Sea ports were $390 per ton free on board (FOB), although Rylko said there were few new deals. the last days.
Sovecon, another consultancy, said: “Merchants are reporting some problems with payments from abroad when banks refuse to send money even to unsanctioned institutions, but the overall situation seems to be improving. “.
Western countries have imposed sanctions on Russia over the Ukraine crisis.
Sovecon said Russia exported 520,000 tonnes of grain last week compared to 410,000 tonnes the previous week.
“Russia continues to actively ship wheat, mainly from its Black Sea terminals,” the consultancy said.
On the domestic market, wheat prices in rubles rose sharply to reflect the depreciation of the Russian currency against the dollar, Sovecon said.
Russia last week banned grain exports to some countries in the former Soviet Union, but vowed to continue providing licenses to traders within its current quota for exports to other countries.
Source: Reuters (reporting by Reuters; editing by Edmund Blair)