MOSCOW- Russian wheat export prices rose again last week, with analysts again slightly downgrading their estimates of exports in March.
The price of 12.5 percent protein Russian wheat scheduled for free-on-board (FOB) delivery in May was $210.0 a metric ton, up $2.0 from the previous week, the IKAR agriculture consultancy said.
The Sovecon agriculture consultancy pegged the same class of wheat at $210 to $212 a ton FOB, compared with $205 to $208 a week earlier.
Russia, the world’s largest wheat exporter, saw its overseas supplies growing to 1.03 million tons of grain last week, up from 1.02 million tons the previous week. The exports included 0.82 million tons of wheat, down from 0.84 million tons a week earlier, Sovecon wrote, citing port data.
The consultancy again lowered its estimate for wheat exports in March by 0.1 million tons, to 4.8 million tons, the same as it was in March 2023.
Some delays in wheat export shipments of wheat by one of the largest Russian exporters, TD RIF, have underpinned global markets.
“At this stage, we doubt that problems with the certificates will lead to substantial issues with exports in the current season. We have seen many similar stories in the past”, Sovecon noted.
