Russia. Price behavior on grain market

12.05.2017

Mixed price trends continued in Russia’s grain market last week. Export prices for Russian milling wheat in the Novorossiysk port closed the week down $1 at $185‑187/MT FOB for 12.5%-protein wheat, May-June delivery. Prices in small ports were propped up to some degree by brisker export shipments in view of demand for small cargoes, mostly from Egypt, Turkey and Nigeria. In these ports, export prices for Russian 12.5%-protein wheat closed the week up at $165‑167/MT FOB for May-June delivery, reports UkrAgroConsult.

Russian 12.5% milling wheat from the new crop is offered for $175‑177/MT FOB for July-August delivery and wheat with 11.5% protein for $170‑172/MT FOB for August-September delivery. milling wheat fob russia

It is also worth noting that demand for old-crop wheat steadily weakens. Importers are focused on new-crop wheat. A weakening rouble may become another bullish factor for the Russian grain market. The rouble’s exchange rate against the U.S. dollar has grown by 2.8% in May in view of last week’s drop in oil prices.

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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