Russian export prices declined last week for the first time since November


A price decline is seen in the export market of Russian wheat for the first time since November, because it is becoming uncompetitive in the world. Export prices for Russian wheat closed the week down on average $4-6/MT FOB for February-March delivery, reports UkrAgroConsult. Traders were forced to reduce both FOB and СРТ prices in order to somehow compete with other exporters. Prices for wheat of competitive origins have been falling since the beginning of February.

According to Rosselkhoznadzor (Federal Service for Veterinary and Phytosanitary Surveillance), 2018/19 exports of grain and grain products had totaled 38.2 MMT by February 12 (including the Customs Union countries), or 1% more than a year earlier. 28.2 MMT of this volume was represented by wheat, including the Customs Union countries (+8% on the year).

Exports of Russia wheat have been further slowing since the beginning of 2019 as its competitiveness weakens and importers switch to cheaper offers.

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 weekly market report "Black Sea Grain" by UkrAgroConsult.

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