Russian wheat export market strengthened last week

03.02.2017

A price increase was seen in Russia’s wheat export market last week, reports UkrAgroConsult. So, export prices for milling wheat with 12.5% protein closed the week on average up $2-3, both in deep-water and small ports. Prices for 12.5% wheat were $185‑187/MT FOB in the port of Novorossiysk and $159‑161/MT FOB in Azov for February-March delivery. milling wheat fob

s before, Russian high-protein wheat is supported by Egypt. In the January 26 tender, Egypt purchased the largest lot of Russian wheat since 2009 (410 KMT). The purchase price averaged $193/MT FOB, up almost $6 from the FOB price of Russian milling wheat in the GASC tender of January 14. That substantial upward price adjustment for less than two weeks has pushed up export prices for Russian high-protein wheat now and will continue supporting it in the near term.

Market participants say domestic milling wheat supply in the country has grown and purchase prices have been adjusted downwards, making export shipments more likely to increase.

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.

 

UkrAgroConsult

 

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