Russian wheat market continued moving downward


Last week, the Russian wheat market moved mostly downward following global trends, reports UkrAgroConsult.

So, export prices for Russian milling wheat with 11.5% protein closed the week on average down another $0.5-1/MT at $183-186/MT FOB Novorossiysk port, December-January delivery. Prices for 12.5%-protein wheat in Novorossiysk port remained within last week’s range of $192-193/MT FOB for December-January delivery. In small ports, they slid slightly to $157-160/MT FOB for December-January delivery.

Russian wheat is still the number one in Egyptian GASC tenders. Despite strong demand from importers and growth of Russian wheat exports to Africa, the rise in Russian wheat export prices is curbed by large supply of this commodity in the market along with downward global trends.

\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 "Online market review" by UkrAgroConsult.



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