Russia. Export wheat prices continued growing again last week


Russian wheat prices continued growing in the export market last week. On average, prices for 12.5%-protein milling wheat closed it up another $3/MT at $193-196/MT FOB Novorossiysk port for October-November delivery. Russian wheat with 11.5% protein gained some $4-5/MT over the week and reached $185-187/MT FOB Novorossiysk port for October-November delivery, reports UkrAgroConsult.

Over the month, Russian milling wheat prices have gained on average $12-14/MT and are $22-24/MT higher than at the same time last year.

As before, Russian wheat prices are supported by strong foreign demand for Black Sea wheat that consequently provoked overall price growth in the Black Sea region. Also, Russian high-protein wheat is now beyond competition in the Black Sea region that gives additional support to prices. Romania and Bulgaria, despite enough high-quality wheat in their 2017 crops, have reduced export offers and taken a wait-and-see attitude in the foreign market. Ukraine’s crop shows a drop in the share of 12.5%-protein wheat and exporters are dealing primarily with feed wheat and 11.5%-protein wheat, which are traditional for the country.

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.



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