Russian wheat prices flat
MOSCOW: Russian wheat export prices were unchanged last week amid low market activity, analysts said.
The price for Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in early April remained at $247 per metric, as the week before, said Dmitry Rylko, head of the IKAR consultancy.
'The market is very sluggish', he said.
Russia had a three-day working week last week due to public holidays.
IKAR and Rusagrotrans rail carrier estimated April wheat exports at 2.3 million tons. May exports are expected at 1.8 to 2.0 million tons, Rylko said.
Analysts at IKAR and Rusagrotrans noted an increase in April shipments to Turkey, Iran, Egypt and Libya.
IKAR last week raised wheat production and export forecasts for this season.
Nevertheless, spring frosts in the centre of the country have led to the destruction of some crops. The Voronezh region announced on Monday that it was preparing to declare a state of emergency. The sugar industry lobby, Soyuzrossakhar, reported that about 12% of sugar beet crops were lost due to cold snaps in April-May.
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