Russia. Wheat export prices closed the last week on average up $4-5/MT FOB

21.12.2018

Last week export prices in the Russian wheat market continued increasing following global trends. These prices closed the week on average up $4-5/MT FOB in both deep-water and smaller ports, for December-January delivery. Prices for Russian milling wheat reached another peak – the highest level since February 2015, reports UkrAgroConsult.

The price increase is fueled by both world and domestic market factors.

Export prices for Argentine wheat closed the week up more than $10/MT FOB on concerns about the quality and harvest of new-crop wheat in the country because of heavy rainfall.

Moreover, tight supply of wheat from Russia’s port regions that implies additional costs for wheat delivery from inland regions of the country became another bullish factor.

According to the Russian Statistics Service, grower wheat stocks totaled 13.5 MMT as of December 1 (down 29.3% on the year).

Strengthening foreign demand ahead of the holiday lull in the market also supported wheat prices last week.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, logistics and freight news, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.

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UkrAgroConsult

 

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