Egypt and India continue supporting Russian milling wheat market


The Russian milling wheat market featured mixed price trends this past week. Export prices for Russian milling wheat with 12.5% protein flattened out within the previous week’s range of $193‑196/MT FOB Novorossiysk port for October-November delivery. At the same time, prices for 11.5%-protein wheat continue strengthening: they closed the week up another $2-3/MT at $187‑190/MT FOB Novorossiysk port and $147‑150/MT FOB in small ports for October-November delivery, reports UkrAgroConsult.

A rise is reported in demand for Russian milling wheat from India. According to preliminary information of market participants, over 160 KMT of wheat was supplied from Russia to India in September and early October. Egypt keeps supporting the market of Russian milling wheat.

It is also worth noting that export sales were adjusted by the weather factor last week. Storms in Novorossiysk and a lowering of the water level in Rostov and Azov limited or suspended export shipments. Market participants say the situation stabilized by the weekend and the ports revived their operation.

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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 & Oil" and "Online market review" by UkrAgroConsult.




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