Russia. Bullish trends prevailed on wheat export market last week

28.09.2018

Price growth resume in the export market of Russian wheat. Export prices for milling wheat closed last week on average up $5-7/MT FOB in deep-water ports (October-November delivery). At the same time, noteworthy is that November wheat is offered on average at a $10/MT FOB higher price than October delivery, reports UkrAgroConsult.

The following factors supported prices this past week:

- strengthening global prices;

- resumed demand from importers. The latter appreciably revived demand for wheat on a falling market. It should be pointed out that export prices for Russian milling wheat lost on average $15-18/MT FOB from mid-August till mid-September.

Egypt held a double wheat-purchase tender this past week. It bought 415 KMT of Russian wheat;

- a record pace of Russian wheat exports;

- reduction of wheat and barley harvest areas. More than 700 Th ha of wheat plantings were written off over the reporting week.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/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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