Russian wheat export prices fell in recent days amid higher domestic supply from farmers willing to free up storage before the new crop arrives in summer, analysts said.
Russia, one of the world’s largest wheat exporters, continues to export despite difficulties with logistics and payments caused by western sanctions on Moscow over what Russia terms its “special military operation” in Ukraine.
Prices for wheat with 12.5 per cent protein content for supply in May from Black Sea ports were down by US$10 to US$370 free on board (f.o.b.) at the end of April, the IKAR agriculture consultancy said.
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Sovecon, another consultancy, said Russia exported 780,000 tonnes of grains the final week of the month, citing data from ports, compared with 590,000 tonnes a week earlier.
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“This is the highest weekly amount of wheat exports since mid-February,” it added. Publication of import-export data by Russia’s customs service remains suspended.
Sovecon expects the pace of wheat exports from Russia to slow down in coming weeks as the state export quota is being depleted, the ruble currency is strong amid capital controls and the export tax is rising.
In the sunflower oil market, Russia set its export tax at US$525 per tonne for June, up from US$372 per tonne in May, the Agriculture Ministry said May 4.
