Russia. After strengthening last week, wheat export prices slightly decreased this current week

11.05.2018

Upward price trends dominated the Russian wheat market last week. Export prices for Russian milling and feed wheat closed the week up $1/MT at $214-216/MT FOB for 12.5% protein wheat and $201-204/MT FOB for feed wheat, Novorossiysk port, May-June delivery, reports UkrAgroConsult.

The Russian market was supported by substantial growth in world wheat prices along with persistently strong demand from importers. Russian wheat is still actively purchased by Vietnam, Indonesia, Nigeria, Sudan, Yemen, Turkey and other countries. 

A significant rise in wheat prices was reported in small ports last week. Due to a sharp significant drop in freight rates for small vessels in the Azov Sea, FOB export prices closed the week up on average $6-8/MT at $190-193/MT FOB for 12.5% protein wheat and $180-182/MT FOB for 11.5% protein wheat, May-June delivery.

This current week export prices slightly decreased following the weakening in the world wheat prices.

According to preliminary information of market participants, April’s wheat exports from Russia set a new record for this month.

Thus, according to preliminary estimates, Russia exported some 35 MMT of wheat during the first ten months of the 2017/18 season, i.e. already 44% more than in the same period of last year.

Information on price behavior on grain market in the countries of Black Sea region is available to subscribers of "Online market review" by UkrAgroConsult.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.

 

 

UkrAgroConsult

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