Russian milling wheat prices continued to grow


Upward trend in wheat prices continues in Russian market. During last week milling wheat (12.5%) prices in Novorossiysk and Azov ports increased by USD 3-4 to USD 170-174/MT FOB and USD 150-154/MT FOB, respectively, for August and September delivery. Export prices for high protein wheat are still supported by lower supply, both in the global and domestic Russian market.

Although, taking into account the expected record for wheat production in Russia this year, in absolute terms, the amount of milling grain will clearly be no lower than last year. So while the issue of grain quality remains officially "open" in the market, producers take the opportunity of "agiotage", restraining sales of high-quality wheat until purchase prices in the domestic market continue to grow. During the week domestic prices for wheat with 12.5% protein increased by RUB 200/MT in deep water ports.

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 & Oil" and "Online market review" by UkrAgroConsult.




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