Russian milling wheat price lost $6-7/MT in the export market since early March
Last week milling wheat prices in Russia’s export market continued sinking. On average, export prices for Russian milling wheat closed the week down another $1-2 at $187‑189/MT FOB for wheat with 12.5% protein and $182‑184/MT FOB for 11.5% wheat in the Novorossiysk port for April-May delivery, reports UkrAgroConsult.
Since the beginning of March, Russian milling wheat price has lost an average $6-7/MT in the export market.
Similarly, wheat purchase prices in Russia’s domestic market kept falling under pressure both from a strengthening rouble and sufficient market supply. In addition, millers have enough reserves to get purchase prices down. Traders are reducing purchase prices in ports alike. On average, domestic prices for Russian high-protein wheat closed the week down another RUB 100-200/MT.
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.