Russia. Bullish trends dominated on the milling wheat market last week
Steady price growth continued in the Russian export market of milling wheat last week. Export prices for 12.5%-protein milling wheat closed the week up another $3-4 in the deep-water ports and $1-2 in small ports. These prices continue to be supported by bullish global market trends and further strengthening of the rouble. The Russian rouble has increased 3.7% against the dollar in February 2017.
In addition, high-quality wheat supply has shrunk in the world. In particular, most Black Sea countries (Ukraine, Bulgaria, Romania) have already realized 80-85% of their wheat export potential, while in Russia this ratio averages just 60-65%. In view of that high wheat remainders in Russia, key buyers currently focus their demand mostly on Russian wheat. This is an additional bullish factor for the export market.
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 Vegoils +CIS" and "Online market review" by UkrAgroConsult.
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