Russia. Wheat prices are under pressure from the new crop

Prices in the Russian wheat export market continue moving. On average, old-crop wheat prices closed the week down another $6-8/MT FOB in deep-water ports and down $5-6/MT FOB in small ports for May-June delivery. Wheat prices are under pressure from the new crop, reports UkrAgroConsult.

Sales of new-crop wheat in Russia have intensified. At the same time, forward prices for the new crop also closed the week with a drop.

The pace of Russian wheat exports continues to slow down. It is worth noting that, in view of low wheat exports from Russia towards the end of the season, weak foreign demand and the upcoming new crop, there is a probability that Russia will fail to realize its 2018/19 wheat export potential of 35 MMT.

Russian farmers continue planting spring grains. This work is still far ahead of both last year and the five-year average.

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UkrAgroConsult