Russia. Wheat export prices kept falling last week


Prices kept falling in the Russian wheat market last week. Export prices for Russian milling wheat with 12.5% protein closed it down $7-9/MT at $185‑189/MT FOB Novorossiysk port for September-October delivery. Wheat with 11.5% protein ended the week with a nearly $5/MT decrease at $172‑175/MT FOB Novorossiysk port for September-October delivery, reports UkrAgroConsult.

Prices are still pressured by a bearish trend in the world market following the new USDA report where the estimate for Russia’s 2017 wheat output was raised to a record 77.5 MMT.

Foreign demand and growing wheat exports from the country do not save the situation yet. In the last GASC tender held on August 16, the buyer purchased 295 KMT of Russian milling wheat at reduced prices (down $10/MT FOB from the average purchase price in the previous tender of July 25).

Similarly, domestic wheat prices, including those for milling wheat, continued sinking already under the pressure from new-crop grain arrivals. Wheat both of feed and milling grades is offered quite actively in the market.

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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