Russian wheat export prices kept sliding last week


Export prices for Russian wheat kept sliding. On average, those for Russian milling wheat closed the week down another $4/MT FOB for March-April delivery. Thus, Russian wheat price has been reduced by $10/MT FOB over the past two weeks in order to keep it more or less competitive against other origins, reports UkrAgroConsult.

At the same time, a decline is also observed in forward prices for new-crop Russian wheat for July-August delivery. One of the bearish factors is good winter wheat condition in Russia along with more optimistic crop outlook than in 2018. 

Exports of Russia wheat have been further slowing as its competitiveness weakens and importers switch to cheaper offers.

In the domestic market, traders also continued reducing purchase prices for wheat. In ports, they closed the week down another RUB 300-400/MT. However, despite the bearish price trend, no substantial rise is seen in grain offers from growers.

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