Russia. Wheat export prices showed a price decline last week

07.03.2019

The Russian export wheat market still showed a price decline. On average, export prices for Russian milling wheat closed the week down another $5-7/MT FOB in deep-water ports for March-April delivery. In deep-water ports, Russian wheat with 12.5% protein has fallen in price by $17/MT FOB since February, to the lowest level since December 2018, reports UkrAgroConsult.

Nevertheless, such a price decrease does not yet make Russian wheat more competitive in the export market.

As UkrAgroConsult mentioned earlier, we believe that there is no longer need to restrict exports, since the present situation in both domestic and export markets already limits them without any involvement of the Ag Ministry. As of February 1, wheat stocks in Russia were at a three-year low (even at a four-year low in the south) of roughly 4.9 MMT (excluding small farms).

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for Online Analytics "Black Sea Grain" in the new innovative tool for agri market participants – AgriSupp.com by UkrAgroConsult. We offer 2-week trial! Completely free!

 

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