Russia. Wheat market remained unchanged last week

The export market of Russian old-crop wheat closed the week without any substantial price change. The situation in the world market stopped the fall in old-crop wheat prices and supported those for the new crop, reports UkrAgroConsult.

Prices are supported by slower corn planting in the U.S. than last year along with possible quality problems with U.S. winter wheat. In particular, forward prices for Russian 2019-crop wheat closed the week up $2/MT FOB for 12.5%-protein wheat in deep-water ports, July-August delivery.

In fact, there are no sales of old-crop wheat, commodity offers from Russia are at minimum. The pace of Russian wheat exports at the end of the season is slow.

Spring wheat planting in Russia continues. The weather conditions remain mostly favorable for both planting spring wheat and growing winter wheat.

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UkrAgroConsult