Russia. Wheat export prices closed last week up another $4-6/MT

As before, price growth is fueled by the world market factor and another rise in domestic wheat prices in Russia. Purchase prices for wheat in Russia’s ports closed the week with a RUB 200-400/MT increase. Traders are forced to raise export prices despite competition from the Ukrainian and European markets, report UkrAgroConsult.

Unwillingness of farmers to sell wheat and its falling supplies in Russia (especially in port regions) also continued to support the domestic market.

According to Rosselkhoznadzor (the Federal Service for Veterinary and Phytosanitary Surveillance), Russian 2019/20 grain exports, including those to the Customs Union countries, had totaled 14.3 MMT by October 1 (down 12% year-on-year), with wheat representing 12.2 MMT of this volume (-10%).

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UkrAgroConsult