Russia. Egypt purchased almost 5 MMT of wheat in GASC tenders
Mostly upward price trends persisted in the export market of Russian wheat last week. Russian wheat continues to be supported by active foreign demand and record exports, reports UkrAgroConsult.
Milling wheat with 12.5% protein closed the week unchanged within $208‑210/MT FOB Novorossiysk port, April-May delivery. Over the week, export prices for 11.5% protein wheat and feed wheat in Novorossiysk port gained on average another $1-2/MT and came to $203‑206/MT FOB and $197‑200/MT FOB, respectively (April-May delivery).
Egypt continues purchasing Russian wheat at a record pace for rising prices. 4.85 MMT of wheat of Russian origin has been purchased in GASC tenders this season. This is already almost 1 MMT more than for the entire last season.
Despite the record pace of wheat exports from Russia, the country still holds huge stocks of the commodity. Also, despite nearly exhausted wheat supply in the south, there is an operational system of subsidizing rail freight rates for grain delivery from remote regions. It enables traders to maintain such a fast pace of exports.
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