Russian wheat market supported by global wheat prices and strong demand from importers

09.02.2018

Price growth continued in the export market of Russian wheat last week. Depending on the class, milling wheat price closed the week up on average another $1-4/MT at $197 199/MT FOB for 12.5%-protein wheat and $189-192/MT FOB for 11.5%-protein wheat, Novorossiysk port, February-March delivery, reports UkrAgroConsult.

The export market is still supported by further strengthening of global wheat prices along with keener demand from key importers at this time of the season.

Another Egyptian tender ended with the purchase of Russian wheat – for appreciably higher prices than before. On February 2, GASC bought another 180 KMT of Russian wheat for an average price of $203.97/MT FOB that is up $6.39/MT FOB from the average purchase price of the previous tender of January 16.

In the domestic market, a strong rouble continues acting against the interest of grain growers. Purchase prices for high-protein wheat remain at a low level of RUB 10,250-10,800/MT (including VAT) СРТ Novorossiysk port, therefore part of its producers started holding back sales in the hope for their growth.

Check up prices and enjoy free online charts on our website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".

 

UkrAgroConsult

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