Source: Oleoscope (Russia)
Russian wheat export prices rose last week as weather conditions continued to severely hamper shipments from the country’s southern ports. Moreover, Reuters reported this increase, citing data from Russian analysts.
Russian Wheat Export Prices: Weather Impact on Shipments
Earlier, it was reported that weather conditions significantly limited shipments from Russia’s southern ports in January. Consequently, this led to higher prices for grain and oil. Furthermore, in February, difficult weather conditions continue: storms are hampering shipments in the Black Sea, while ice conditions are affecting shipments in the Azov Sea.
Current Price Data and Analyst Estimates
In this regard, according to IKAR CEO Dmitry Rylko, the price of Russian wheat with a protein content of 12.5% for delivery in the second half of March on an FOB basis was $233 per ton last week. Additionally, this figure represents $2 more than a week earlier.
Meanwhile, SovEcon analysts estimate the cost of the same contract at $231-$235 per tonne FOB. However, this compares to $230-$233 per tonne at the end of the previous week.
Ruble Payments in Russian Export Trade
Earlier, it became known that the share of rubles in payments for Russian exports rose to a record 62% thanks to an increase in settlements with key trading partners. Thus, the share of ruble payments for Russian exports to Asian countries soared to 61.2% in December (compared to 49.4% in November).