MOSCOW: Russian wheat export prices fell last week against the backdrop of shutdowns of the country’s largest deep-water grain terminals and a continuing surge in freight rates, analysts said.
Two major deep-water terminals in Novorossiysk - NZT and NKHP - were shut down following a Ukrainian drone strike. Then KSK, the largest terminal in Russia, announced it was suspending grain reception and dispatch, although it had not been damaged.
The issues were compounded by shipping restrictions in the Sea of Azov since last month and by the closure of another terminal in Taman following drone strikes.
By the end of the week less than 10percent of grain export capacity remain operational in the Azov-Black Sea basin, said Andrei Sizov, head of the Sovecon agricultural consultancy.