Russian wheat market continued strengthening


Both domestic and export prices for Russian milling wheat continued strengthening last week. On average, export prices for Russian milling wheat with 12.5% and 11.5% protein closed the week up another $1, at $181-183/MT FOB and $176-178/MT FOB in Novorossiysk port for November-December delivery.

Egyptian demand continues propping up export prices for Russian milling wheat. In the past week alone, Russian wheat won two government tenders in Egypt, where four parcels totaling 240 KMT were bought.

With regard to other importers of Russian wheat, market participants report somewhat slackened demand in November. As before, chiefly Egypt and Turkey remain among more active importers.

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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