Russian wheat export prices continued rising last week

Prices in the Russian wheat market mostly continued rising, except for high protein wheat that features price stability. On average, export prices for 11.5% protein wheat closed the week with another $1/MT FOB increase, while those at small ports gained roughly $2/MT FOB for all-class wheat, reports UkrAgroConsult.

Despite the harvest advance and increasing grain supply in the market, prices are underpinned by further adjustments in wheat production forecasts for Russia. Crop estimates continue falling as the harvest moves on. UkrAgroConsult cuts its forecast for Russian wheat output.

Noteworthy is that, following the cut in wheat crop forecasts for Russia, trade estimates for exports fell also.

The USDA’s forecast equals 34.5 MMT (excluding Crimea).

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UkrAgroConsult.