Russia. Wheat prices stabilized last week

Despite growing prices in the world market last week, export prices for Russian wheat stabilized, reports UkrAgroConsult.

Russian market continues to be dominated by bearish factors: weak foreign demand for this time of the season, abundant supply in the world wheat market, competition from European supplies as well as within the Black Sea region.

Domestic prices are not falling significantly (down RUB 100-200/MT since the beginning of September).

Further cut in USDA estimates for Russian wheat output does not drive prices up either. USDA has reduced its wheat crop forecast for Russia again, by another 0.5 MMT to a new market low of 72.5 MMT. At the same time, USDA left its export forecast unchanged at 34 MMT.

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UkrAgroConsult