Russia. Wheat market price behavior

02.06.2017

Wheat prices flattened out in Russia’s market last week. Export prices for Russian milling wheat with 12.5% protein closed the week within $185-188/MT FOB in Novorossiysk port for June delivery. This is on average down $4-5/MT year-on-year.

Forward prices for Russian new-crop wheat are also heard in the market. But no brisk sales are yet observed since Russia has not yet run out of its exportable stocks of 2016-crop wheat, reports UkrAgroConsult.

Noteworthy is that Russian wheat exports in the latter half of the season are up 17.5% from last year.

In May Russian wheat shipments continue at a record pace. According to our estimates, May’s wheat exports from Russia may approximate 1.6-1.8 MMT. Overall, as UkrAgroConsult forecast, Russian wheat is nevertheless still in demand even late in the season, though it already shows a downward trend.

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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