MOSCOW- Export prices for Russian wheat rose last week, helped by a continuing drop in shipments owing to stormy weather in ports, analysts said.
The price of 12.5 percent protein Russian wheat scheduled for free-on-board (FOB) delivery in January was $235 per metric ton last week, up $5 from the previous week, the IKAR agriculture consultancy reported.
The Sovecon agriculture consultancy pegged the same class of wheat at $234-239 a ton FOB last week.
“News about Black Sea storms damaging or even destroying ships in the region also could have provided some support. However, bear in mind that we are approaching a season of stormy weather, so it’s not something extraordinary,” Sovecon said in a weekly report.
The Black Sea region has been hit by heavy storms since Friday, disrupting logistics and damaging homes and infrastructure. Three people have been killed and hundreds evacuated, state media said on Monday.
Russia exported 0.72 million tons of grain last week, down from 0.81 million tons the previous week. The exports included 0.56 million tons of wheat, compared with 0.75 million tons the previous week, Sovecon wrote, citing port data.
It lowered its estimate of wheat exports in November by 0.1 million tons to 3.8 million tons, compared with 4.3 million tons a year ago. – Reuters
