Russia. Milling wheat market remained stable last week


The Russian milling wheat market remained primarily stable last week. Export prices for Russian milling wheat with 12.5% protein remained at $193-196/MT FOB Novorossiysk port for October-November delivery. Those for 11.5%-protein wheat were at $187-190/MT FOB Novorossiysk port. Some price increase is registered in small ports: up at $152-156/MT FOB for 11.5%-protein wheat, October-November delivery, reports UkrAgroConsult.

Last week, the key events in the Russian market included Turkey’s new requirements and another win in an Egyptian tender.

At the same time, an upward price trend has just settled in the domestic market. In the south, purchase prices for high-protein wheat closed the reporting week up roughly RUB 100/MT. Wheat supply has somewhat shrunk in the market, as growers are waiting for better prices.

At the same time, the wheat harvest in Russia is entering its final stage. The crop is record high therefore no substantial increase is to be expected in domestic prices yet.

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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