MOSCOW, July 22 (Reuters) – Last week, Russian wheat export prices remained steady, while shipping volumes continued to be low. Analysts report that farmers are not in a hurry to sell at current low prices.
The price for Russian wheat, with a protein content of 12.5%, scheduled for delivery at the end of August, stood at $219 per ton last week, unchanged from the previous week, according to the consultancy IKAR. Meanwhile, Sovecon pegged the price for wheat with the same protein level for the nearest delivery at $220 to $222 per ton, showing a slight increase from the $219 to $222 per ton FOB price listed a week earlier.
Significant buyers made moves last week; a large purchase of Russian wheat—amounting to 720,000 tons—was made by Egypt’s GASC at $221 per ton FOB. Traders believe Algeria also acquired between 700,000 and 750,000 tons of wheat from the Black Sea region.
Prices at Russian ports remain low, and farmers are reluctant to sell, especially in the southern regions, as noted by Sovecon analysts. They indicated that "the gap between supply and demand is wide. Buyers are aggressively lowering their offers, while farmers, facing relatively low yields in central Russia and the Volga region, are not in a hurry to sell."
IKAR announced on Friday that it had revised its grain harvest forecast for 2024 down to 128 million tons, from the previous estimate of 129.5 million tons. They also lowered the projected grain export figure for the 2024/25 season to 55 million tons, down from 55.5 million tons. However, the wheat harvest forecast remained unchanged.
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(Reported by Olga Popova; Edited in Spanish by Juana Casas)
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