Russia. Wheat market was supported by buoyant demand from importers and currency factor


Price growth continued in the Russian wheat export market this past week. Export prices were pushed up by a hike in the Russian rouble’s exchange rate against the U.S. dollar (up 3.1% over the reporting week). Another bullish factor was buoyant demand from importers, reports UkrAgroConsult.

On average, milling wheat prices in the Novorossiysk port closed the week up another $4-7/MT at $202‑205/MT FOB for 12.5%-protein wheat and $197‑200/MT FOB for 11.5%-protein wheat, for March-April delivery. Russian feed wheat price in the Novorossiysk port closed the week up $2/MT at $188‑191/MT FOB for February-March delivery.

Since the beginning of 2018, high-protein wheat (12.5% and higher) has been accounting for over 95% of Russian wheat exports. At the same time, traders currently report stronger demand for 11.5%-protein and feed wheat.

Noteworthy is that export prices for Russian high-protein wheat have reached their highest point since July 2015.

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 "Online market review" by UkrAgroConsult.



Readers choice: TOP-5 articles of the month by UkrAgroConsult