Russia. Wheat export prices increased last week despite global price downturn

In the Russian export market, milling and feed wheat prices in both Novorossiysk and small ports closed the week up on average $2/MT FOB (November-December delivery) despite global price downturn. They were pushed up by some surge in foreign demand compared to last week, reports UkrAgroConsult.

Another bullish factor was exhausting grain inventories in the port regions. Wheat supply from Russia has started sinking – this particularly concerns high-protein wheat. Exporters more actively offer wheat with 11.5% protein. 

The results of the latest GASC tender (November 22) indicate a decline in competitiveness of Russian wheat compare to American one.

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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