MOSCOW: Russian wheat export prices fell last week in line with a decline in global prices, and analysts said there was nothing to suggest prices would rise in the near future.
The price of Russian wheat with 12.5percent protein content for free-on-board delivery in late June to early July was down USD3 to USD242 a metric ton at the end of last week versus the week before, said Dmitry Rylko, head of the IKAR consultancy.
The price of new-crop wheat for free-on-board delivery in the second half of July to early August was down USD2 to USD242 per ton, he said.
IKAR estimates Russia’s May wheat exports at 3.4 million tons. Wheat exports in June are expected to be no higher than 2.5 million tons. Last week the agency revised higher Russia’s 2026 wheat crop by 1.5 million tons.
Sovecon consultancy put prices last week for Russian wheat with 12.5percent protein at between USD242 and USD244 a ton compared to between USD243 and USD245 the week before. “FOB values moved lower globally under pressure from the sell-off in futures. Russian FOB prices also declined on softer domestic values and a weaker rouble”, said Andrey Sizov, head of the Sovecon consultancy.
“The market continues to largely ignore developments in the Black Sea region, even though the situation remains far from calm,” he noted, referring to several attacks on bulkers and an incident near the port of Constan?a in Romania.
The agency has raised its estimate for May wheat exports by 0.1 million tons compared with last week, to 3.1 million tons. The agency forecasts exports in June at 2.5 million tons.
Comments