Russia. Milling and feed markets saw further price growth last week

25.11.2016

Last week saw further growth of Russian milling wheat prices both in the domestic and export markets, reports UkrAgroConsult. Export prices for Russian milling wheat with 12.5% and 11.5% protein closed the week up another $1-2 both in small and deep-water ports. In the Novorossiysk port, wheat with 12.5% protein is priced at $183-185/MT FOB and 11.5%-protein wheat at $177-179/MT FOB for November-December delivery.

So, Russian milling wheat price rose on average by 9.5% over the month. It is pushed up by reviving importer demand for Russian wheat – remarkably, this concerns specifically milling wheat. While Russian exporters sold predominantly feed wheat in the previous months, November saw higher exports of high-protein wheat from Russia. Of course, the demand for Russian milling wheat comes mainly from Egypt and Turkey.

According to UkrAgroConsult, the feed wheat market also saw a price upturn. Feed wheat prices were pushed up by shrinking supply of Russian milling wheat in the export market against the background of stable importer demand for the commodity.

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.

 

UkrAgroConsult

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