Russia. Wheat export market continued showing a price downturn last week

The export market of Russian wheat still shows a price downturn. On average, old-crop wheat price for May-June delivery closed the week down another $5-6/MT FOB in both deep-water and smaller ports. Russian wheat prices are pressured by the world market, expectations of a larger crop in Russia, and weak demand from importers, reports UkrAgroConsult.

Prices for new-crop wheat are also under pressure from good wheat crop condition in Russia. On average, forward prices for 12%-protein wheat closed the week down another $2/MT FOB in deep-water ports (July-August delivery). At the same time, the markets of both old- and new-crop wheat are flat. Whenever possible, importers have taken a pause in anticipation of a further price decrease. 

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UkrAgroConsult