Russian wheat export market strengthened last week

07.12.2018

Strengthening of prices continued in the Russian wheat export market during last week despite a slowdown in sales. In the reporting period, export prices for Russian milling and feed wheats gained on average another $2/MT FOB in both Novorossiysk and smaller ports, for November-December delivery.

Prices were pushed up by dwindling supply of exportable grains due to exhausting inventories along with weather-provoked logistics constraints. Wheat supply from Russia went down – this particularly concerns high-protein wheat. Growers also hold back better-quality wheat as much as possible, intending to market it in the latter half of the season.

As expected, Russian wheat exports began slowing down in November. According to preliminary information of market participants, Russia exported roughly 3 MMT of wheat in November compared to 4.2 MMT in the same period last season.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.

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