Export prices are depressed by more wheat supply in southern Russia

Wheat export prices in Russia were under pressure at the end of last week as the new crop is now entering the market and the ruble exchange rate has dropped against the US dollar.
Russian wheat with 12.5% protein from Black Sea ports cost $ 207 / tonne fob on Friday if delivered in August. That was $ 3 / tonne less than the previous week.
After a rather leisurely start to the new export season, exports from Russia are now picking up speed. Egypt's state-owned grain importer GASC bought 350,000 tons of Russian and 120,000 wheat from Ukraine last week.
The European part of Russia was recently very dry, but rainfalls are now predicted. Already last week it was raining in the Ural region and parts of Siberia, from which the field stocks of summer wheat can still benefit a little.

Hansa Terminhandel GmbH
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