Russian wheat exports in March could reach 4.4-4.5 mln tonnes - Rusagrotrans

MOSCOW. March 7 (Interfax) - Russian wheat exports could reach 4.4-4.5 million tonnes in March, the analytical center at Rusagrotrans JSC told Interfax.

This is more than the 4.24 million tonnes shipped in February, but less than in March of last year. "Due to a decrease in shipments to the EAEU countries, primarily Kazakhstan and Kyrgyzstan, shipments are less than in March last year, which set a record for wheat exports of 4.73 million tonnes," Rusagrotrans said.

Export demand prices for Russian wheat (protein 12.5%) for shipment in March-April dropped $13 over the week to $202 per tonne (FOB). This is the minimum since August 2020, the analysts said. The price of French wheat fell $7 to $212 per tonne, German wheat slid $6 to $222, and American dropped $7 to $244 per tonne.

Prices for wheat (4th class, 12.5% protein) in deep-water ports dropped to 12,800-12,900 rubles per tonne excluding VAT (-50 rubles compared to the previous week), while remaining unchanged at 11,600 rubles in shallow ports, Rusagrotrans said.

"The domestic wheat market has not changed significantly. A sharp drop in FOB prices will likely lead to a weakening of the domestic market in the European part of Russia in the near future," the analysts said.