MOSCOW: Russian wheat export prices went down last week amid rising global supply forecasts, and analysts still maintain high shipment forecasts for November.
The price for Russian wheat with 12.5percent protein content for free-on-board (FOB) delivery in the second half of December was USD229 a metric ton at the end of last week, down USD3 in a week, said Dmitry Rylko, head of the IKAR consultancy.
The latest US Department of Agriculture forecasts, and competitive prices for Argentine wheat, have affected FOB price dynamics, he said.
The main grain terminals in Russia’s Black Sea port of Novorossiysk did not report any damage or stoppages in grain shipments on Friday after a massive Ukrainian drone and missile attack.
The USDA’s November WASDE report raised its 2025/26 global ending stocks forecast. The forecast for wheat production in Russia was raised by 1.5 million tons to 86.5 million tons, while exports were lowered by 1.0 million tons to 44.0 million tons.
Russia is maintaining its grain crop forecast at 135 million tons in 2025 in clean weight, Agriculture Minister Oksana Lut said on Wednesday. The Sovecon consultancy estimated the price for Russian wheat with 12.5percent protein content at USD232 to USD233 a ton FOB as of Thursday, the same as in the previous week.
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