MOSCOW: Russian wheat export prices fell last week amid declining demand as the market awaited peace talks on Ukraine in Abu Dhabi, analysts say.
Moscow confirmed in early November that trilateral peace talks between Russia, Ukraine, and the United States are scheduled to take place in Abu Dhabi on November 10–11.
Consultancy IKAR said that, by the end of last week, export prices for wheat with 12.5 percent protein content shipped from the Russian ports of Vysotsk and Ust-Luga were at USD251 a metric ton free on board (FOB) for delivery in December, down USD9 from the previous week
Sovecon estimates that wheat of this grade, shipped via the Baltic Sea, is priced at USD257 a ton, USD4 lower than a week earlier
Russia is increasing shipments via alternative routes, though export flows are still experiencing significant disruption
Although Russia’s largest deep-water grain terminals on the Black Sea were forced to virtually halt shipments in mid-August following shelling, exports from the region have not come to a complete halt, experts note.
According to their estimates, exports in October totaled 0.20–0.25 million metric tons. In September, according to estimates by SovEcon and ProZerno analysts, 0.3 million metric tons were shipped.
IKAR on Tuesday lowered its forecast for the country’s wheat export potential in the current 2026/27 marketing season to 39.5 million metric tons, from a previous estimate of 42 million tons.
IKAR estimated wheat exports at 3.1 million metric tons in October and forecasts them to exceed 3 million tons in November.
SovEcon maintained its estimate of wheat exports from Russia in October at 2.9 million tons.