Black Sea prices for Russian wheat with 12.5 percent protein content for April delivery were $191 a tonne on a free on board (FOB) basis at the end of last week, down $2 from the previous week, Russian agricultural consultancy IKAR said.
SovEcon, another Moscow-based consultancy, quoted FOB wheat at $192 a tonne at the end of last week, unchanged from a week earlier. FOB maize (corn) prices fell $2 to $177 per tonne, it said.
Source: Ikar on Reuters
Turkish buyers have put purchases of Russian agricultural products – mainly wheat, maize (corn) and sunflower oil – on hold, despite denials from Ankara that it has effectively banned imports from Moscow, trade and industry sources said on Monday.
Last week, import licences issued by the Turkish government no longer included Russia in a list of accepted tax-free origins, the sources said, suggesting an import tariff of 130 percent could be applied to supplies from Russia.
Sales of soybeans of the 2016/2017 season advanced just 3.4 percentage points in February in the state of Mato Grosso, according to the Mato Grosso Institute of Agricultural Economics (Imea).
This is 61.63 percent of the estimated production of 31 million metric tons and a delay of 4.28 percentage points comparing to last year.
Source: AgroSouth News
The annual Pulses production is estimated at 22.1 million tons. This year as well it is estimated that the country will have to import about 5 million tons of Pulses to meet the domestic demand.
US Department of Agriculture staff in Beijing, in their first forecasts for 2017-18, pegged Chinese soybean imports, by far the world’s biggest, at 89m tonnes, up 3m tonnes year on year on its estimates.
The cargoes, purchased by state grain buyer GASC in recent tenders, were rejected by companies conducting inspections at the ports of origin, traders said.
Rusagrotrans lowered the forecast for March exports from the previous level of 3.9 mln tonnes to 3.5 mln tonnes, mainly due to the high risks of short delivery of grains to Turkey. Also, strengthening of RUR/USD exchange rates played its role.
Source: APK Inform
Regarding soybeans, the bank reduced its forecast for Chicago prices, by up to $0.50 a bushel, but to levels above the futures curve, with values seen, for instance, averaging $10.50 a bushel in the July-to-September quarter.
By contrast the bank forecast US seedings of corn, the major rival in the country’s spring sowings programme, falling by less than the market is factoring in – a bearish sign for prices.
Wheat with 12.5% protein closed the week down $1 at $191‑193/MT FOB Novorossiysk port and $165‑168/MT FOB small ports for March-April delivery.
Prices were pressured by one of the best conditions of Russian winter cereals in the last several years along with expectations of another rich wheat crop in the country in 2017 against the background of record grain inventories.
The Brussels-based industry group, in its first forecasts for EU grains production in 2017-18, pegged the soft wheat harvest – the world’s biggest – at 144.8m tonnes, a rise of 9.7m tonnes year on year.