Russia. Downward price trends persisted in export market of milling wheat
On average, export prices for Russian milling wheat closed the week down another $1 at $188-191/MT FOB for wheat with 12.5% protein and $183-186/MT FOB for wheat with 11.5% protein in Novorossiysk port for April-May delivery, reports UkrAgroConsult.
These prices continue to be pressured by the same factors as before: slackening demand from key importers (Turkey, Egypt), a strong rouble, too slow exports, high inventories, and upcoming new crop.
Although the decline in Russian wheat export prices became somewhat slower over the last week, they nevertheless closed the month down on average $4-5/MT. In addition, there are all the prerequisites for their further decrease.
However, the market is somewhat supported by more stable wheat prices in other Black Sea countries along with strong demand for Russian wheat from Africa (Morocco, Senegal) and Asia (Bangladesh).
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