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Russia. Wheat export market continued strengthening last week



Maryna Sych


Grain Market Analyst

Wheat prices in the Russian export market continued strengthening on wheat price growth in Chicago. On average, export prices for both old and new crop wheat closed the last week up another $2-3/MT FOB, reports UkrAgroConsult.

It is also worth noting that prices for old crop wheat are mainly indicative. In fact, old crop wheat is not traded because of limited stocks and extremely low offers.

According to preliminary information of Rosselkhoznadzor (Federal Service for Veterinary and Phytosanitary Surveillance), 42.6 MMT of grains and pulses had been exported this season by May 21 (down 15% year-on-year), including supplies to Customs Union countries. Wheat represented 34.1 MMT of this export volume (-10%).

The Ag Ministry of Russia has announced its forecast for 2018/19 grain exports at 44 MMT, including 37 MMT of wheat.

Meanwhile, wheat exports from Russia in the last months of the season are extremely slow and domestic stocks of the commodity are very low. It should be pointed out that the current level of new-crop prices is on average $15/MT FOB lower than last year and matches the price range in 2015.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.

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