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Russia grain prices dip, follow international prices

Russia grain prices dip, follow international prices

(c) 2010 Reuters Limited
MOSCOW, Feb 9 (Reuters) -Russian grain prices dipped last week, following international prices, but in some regions demand from domestic producers triggered a small rise, analysts said.

Ordinary milling wheat with bug damage of 1 percent declined to $175 per tonne from $178 a week before, FOB Novorossiisk, while cereal with bug damage above 1 percent was $170 per tonne, the Institute for Agricultural Market Studies (IKAR) said in a weekly note.

Exporters kept lowering prices due to pressure from international markets, SovEcon agricultural analysts said in a separate note.

Fourth-grade (ordinary) milling wheat prices declined to 4,700-4,900 roubles ($153.8-$160.4) per tonne CPT Novorossiisk, from 4,800-4,900 roubles.

Feed grain prices were stable due to domestic demand. Offer prices for maize were unchanged at 5,100 roubles per tonne, SovEcon said.

There was a rise in all types of wheat prices, especially of quality food wheat, in the Central Black Soil and Volga regions, IKAR said.

"Sources say supply of quality food wheat not damaged by bugs is low in European Russia," it said.

Analysts said the weather at the Black and Azov sea ports had normalised, although there was traffic congestions from time to time.

Crude sunoil export prices remained unchanged at $860-$865 per tonne, while the domestic price fell, IKAR said. Sunseed prices declined to $396 per tonne from $402 a week before. Soybean prices remained unchanged.

Taking into account an overheating domestic vegetable oil market, compared with Black Sea FOB price of $870 per tonne, domestic prices may fall further, SovEcon said.

Russian white sugar wholesale prices declined to 28,500 roubles or $950 per tonne from 29,000 roubles or $955 per tonne a week before ex-factory, IKAR said.

"About 290,000 tonnes of raw sugar were delivered to Russia so far from the beginning of January and more than 100,000 are expected to be delivered in February, while the seasonal demand is very weak," IKAR said. (To see SovEcon's Russian grains and oilseed prices, Reuters terminal users can double-click on ) (To see IKAR's Russian grain, oilseed and sugar export prices and data Reuters terminal users can double-click on ). For latest results of wheat futures trade on NAMEX double click on .) (Writing by Aleksandras Budrys)

Date:  11.02.2010

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