Russian milling wheat export prices started to decline pressured by record high stocks
Price trends began to change in the Russian export market of milling wheat last week. The continuous growth since early 2017 may soon give way to reduction.
Last week some weakening of export prices for Russian milling wheat was already observed against the background of global trends – to USD 191-194/MT FOB for 12.5% wheat (-USD 1-2 over the week) in the Novorossiysk port, March-April delivery.
Record high grain stocks, increased supply and approaching of new season were the main bearish factors influenced the Russian market, UkrAgroConsult notes.
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.