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Russia gradually resumes Black Sea wheat exports: analysts

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March 14 (Reuters) – Russia is gradually resuming wheat exports from its Black Sea ports, while shipping in the Sea of ​​Azov remains restricted, analysts said on Monday.

Russia invaded Ukraine on February 24, calling its actions a “special military operation.”

“Exports are ongoing from all five Black Sea (grain export) terminals,” agricultural consultancy ICAR said in a note.

Russian wheat prices remain extremely volatile, IKAR said, adding that wheat with a 12.5% ​​protein content at Black Sea ports was at $415 per tonne free of charge on board (FOB) on 11 March. March.

Sovecon, another consultancy, said Russia’s Black Sea terminals loaded 400,000 tonnes of wheat last week, and ships are moving in and out of ports there.

“The sea of ​​Azov is still closed, but some ships are starting to pass through the Kerch Strait (to the Black Sea),” added shipping.

In the domestic market, Russian farmers were able to reject previously signed contracts amid strong demand from exporters and domestic buyers, Sovecon said.

Russia’s recent decision to suspend grain exports to some ex-Soviet countries has yet to be approved, but according to Sovecon, market players are already reporting unofficial restrictions on grain supplies by rail from Siberia to Kazakhstan.

Russian wheat exports are down 45.4% since the start of the 2021/22 marketing season on July 1, due to a smaller harvest and an export rate that had been pegged at $86.3/tonne. for March 16-22.

See expects a cold snap in several winter wheat-producing regions in Russia this week, but thick snow will keep plantings safe, Sovecon said.

(Reuters report; edited in Spanish by Carlos Serrano)

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