Russia. Export prices for milling wheat grew last week

15.09.2017

Following eight weeks of a decline, export prices for Russian milling wheat are at last on the rise now. Prices for Russian wheat with 12.5% and 11.5% protein closed the week on average up $2‑3/MT at $184‑186/MT and $174‑176/MT, respectively, FOB Novorossiysk port for September-October delivery, reports UkrAgroConsult.

The export market was supported by a few factors. Firstly, strong demand for Russian wheat against the background of arisen infrastructure problems. The second bullish factor was a strengthening rouble. Its exchange rate against the dollar has grown by 5% over the last month.

However, the strengthening of the Russian currency does not reflect on grain exports yet. According to preliminary information of market participants, 23% more of wheat was supplied to foreign markets in Augu compared to the same time last year.

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 & Oil" and "Online market review" by UkrAgroConsult.

 

UkrAgroConsult

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