Russian wheat export prices continued growing last week


Last week prices continued to grow in the Russian wheat market. Over the period under review, export prices for Russian milling wheat in Novorossiysk gained USD 1 reaching USD 189-192/MT FOB for the 12.5% protein wheat, June delivery, which corresponded to prices in the same period last year, reports UkrAgroConsult.

Meanwhile, the demand for old-crop grain decreased significantly. Large exporters fulfilled the previously concluded contracts for wheat supplies and expected some strengthening of demand for the new crop. The Russian old-crop wheat export market was supported mainly by the bullish trends in the world market and decreased supply of food grain from Russia.

Prices continued to go up in the new-crop wheat market as well. The prices were supported by concerns about the new crop and its quality amid unfavorable weather conditions in May.

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.



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