Russian milling wheat export prices slightly decreased last week

27.10.2017

Export prices for Russian milling wheat closed the reporting week with some decrease. Those for 12.5%-protein wheat sank to $193‑195/MT FOB in Novorossiysk port for November-December delivery. 11.5%-protein wheat prices in small ports dropped on average by $3/MT to $148‑153/MT FOB for November-December delivery, reports UkrAgroConsult.

On the one hand, Russian wheat prices are pressured by another fall in world wheat prices and new risks related to deliveries to Turkey. On the other hand, they were supported by steady strong demand from importers. Egypt continues preferring solely Russian wheat in state tenders because its prices are most competitive.

Also, Russian wheat is actively shipped to a number of other African countries: Nigeria, Sudan, Kenya, Congo, Ghana and Ethiopia.

Stabilization of purchase prices is observed in the domestic market. Wheat trading activity has somewhat slackened as market participants switch to corn and sunseed.

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.

 

UkrAgroConsult

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