Russian wheat prices continued to grow last week due to strong demand and concerns on 2017 crop


Price growth persisted in Russia’s new-crop wheat market last week. In Novorossiysk port, export prices for Russian milling wheat closed the week up another $2-3/MT at $185‑187/MT FOB for 12.5%-protein wheat and $177‑180/MT FOB for 11.5%-protein wheat, July-August delivery, reports UkrAgroConsult.

Russian wheat prices are pushed up both by external and internal factors. The external ones include the situation in the American and European wheat markets and stronger import demand for Russian new-crop wheat at the present time, primarily from Egypt. Among the internal factors are the current weather conditions in Russia, where part of its regions are exposed to abundant precipitation, locally with hail, and heat shortages, while the other part is facing drier weather. These meteorological conditions make it impossible to fully assess the quality and quantity of Russia’s 2017 grain crop.

More information on price behavior on grain market in the countries of Black Sea region is available to subscribers for weekly market report "Black Sea Grain and Oil" and "Online market review" by UkrAgroConsult.