Russian wheat falls sharply with stronger rouble

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FE Team | Published: April 04, 2022 23:29:34

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Russian wheat prices fell sharply last week, both for export and domestic deals, reflecting strengthening of the rouble against the dollar on capital controls imposed by Moscow, analysts said on Monday, reports Reuters.
Russia, one of the world's largest wheat exporters, has managed to continue exporting through its Black Sea ports despite the Western sanctions that have complicated trade logistics and payment.
"There are some fresh deals," said Dmitry Rylko, the head of the IKAR agriculture consultancy.
Prices for wheat with 12.5 per cent protein content from the Black Sea ports fell last week by $22 to $368 free on board (FOB), he added.
"Russia continues to ship wheat fast," said Sovecon, another consultancy.
Russia exported 560,000 tonnes of grains last week, compared with 400,000 tonnes a week earlier, it added.
In the domestic market, wheat prices in roubles fell after strong rally in March, Sovecon said.
Russia's spring grain sowing continues in favourable weather. By March 31 spring grains were planted on 509,000 hectares, against 339,000 hectares a year earlier, Sovecon said.
The consultancy added that availability of fertilisers does not seem to be an issue for the 2022 crop.