Russia. Egyptian demand still substantially supports wheat market


Last week further growth of prices was observed in Russia’s milling wheat export market, both in deep-water and small ports. Export prices for 12.5% and 11.5% protein milling wheats closed the week up another $1-2 at $192-195/MT FOB and $189-191/MT FOB, respectively, in Novorossiysk port for March-April delivery.

Export prices in small ports gained $1-2 for March-April delivery as well.

Thus, export prices for Russian milling wheat increased $7 in February 2017 alone, being up roughly $11 against the beginning of 2017, UkrAgroConsult notes.

milling wheat russia fob 

The Egyptian demand still substantially supports the Russian wheat market. 1,185 KMT of Russian milling wheat was contracted in state tenders for March - April 10 delivery alone and the contract price kept growing. So, March shipments may offset the February lag and are quite likely to hit a new high for this period of season.

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.



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