Russia. Export prices are under pressure of wheat supply from Argentina and Australia


Export prices for 12.5%-protein milling wheat are on the decrease for the first time in the past three month, reports UkrAgroConsult. Export price for high-protein Russian wheat closed the week down some $1-2 at $182-184/MT FOB Novorossiysk port and $158-161/MT FOB in small ports for December-January delivery.

The prices are being pressured by expanding wheat supply from Argentina and Australia. Argentine wheat is now the cheapest in the world market and, according market participants, is substantially pressuring demand for Black Sea wheat. With regard to Australian wheat, Australia has logistical advantages in Asian markets important for Russian wheat.

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.



Readers choice: TOP-5 articles of the month by UkrAgroConsult