Russian wheat export prices slide for third week amid global supply pressure

MOSCOW: Russian wheat export prices declined last week for a third consecutive week under pressure from global supply, analysts said.

“Winter sowing in most Northern Hemisphere countries is nearly complete, and crop prospects are above average,” the Sovecon consultancy noted.

Conditions for winter wheat development in Russia were favourable, it added. Recent rains have replenished soil moisture reserves, it said in its weekly report.

At the beginning of last week, IKAR raised its estimate for the wheat harvest in Russia in 2025 by 0.5 million tons to 88.5 million tons and gave its first estimate for the 2026 harvest - 86-91 million tons.

The price for Russian wheat with 12.5percent protein content for free-on-board (FOB) delivery in the second half of January was USD227 a metric ton at the end of last week, down USD1 on the week, said Dmitry Rylko, head of the IKAR consultancy. The Sovecon consultancy estimated the price for Russian wheat with 12.5percent protein content at USD228 to USD230 a ton FOB compared to USD229 to USD231 a ton FOB the previous week.

SovEcon analysts noted an increase in prices for deep-water ports. The rise was driven by elevated exporter demand amid approaching vessels.

According to European traders, Turkey’s state grain board (TMO) purchased about 300,000 metric tons of Russian milling wheat in a direct deal without issuing an international tender.