Russian wheat export prices rose last week as weather conditions continued to seriously hamper shipments from the country's southern ports, analysts said.
The price of Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of March was $233.0 a metric ton at the end of last week, up $2 compared to the previous week, said Dmitry Rylko, head of the IKAR consultancy.
Weather conditions significantly limited shipments from Russia's southern ports in January. In February, difficult weather conditions continue: storms are hampering shipments in the Black Sea, while ice conditions are affecting shipments in the Sea of Azov, where the water is shallow.
Sovecon estimated the price for the same type of Russian wheat at $231-$235 a ton FOB, compared with $230-$233 at the end of the previous week.
The agency raised its estimate for February wheat exports by 0.2 million tons to 3.3 million tons. Rail carrier Rusagrotrans increased its own estimate by 0.125 million tons to 3.4 million tons last week. IKAR estimated February wheat exports at 3.1-3.2 million tons.
Russia's 20 million ton grain export quota took effect on February 15. It will remain in effect until the end of the 2025/26 marketing season on June 30.
New-crop wheat conditions look favourable overall, Sovecon noted.
On Friday, IKAR announced an increase in its estimate for the 2026 wheat harvest to 91 million tons from 88 million tons, with export potential in the 2026/27 season at 47.5 million tons.
(Reuters)
