Russia. Wheat prices increased due to strengthening foreign demand

Export prices for Russian wheat closed last week up another $2-3/MT FOB on global market trends and due to strengthening foreign demand for Russian wheat, reports UkrAgroConsult.

Russian wheat has restored its competitiveness in Egyptian state tenders and is leading GASC purchases again. 300 KMT of wheat was purchased on September 25, including 240 KMT of Russian origin.

The average purchase price of Russian wheat on FOB basis was almost $3/MT higher than in the previous tender (September 18).

In the opinion of UkrAgroConsult, the effect of bearish factors available in the wheat market have already mostly exhausted itself when driving prices down before, and bullish factors – planting concerns and strengthening foreign demand – will prevail in the near term.

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UkrAgroConsult