Prices for Russian export wheat are falling due to falling stock market prices

The prices of Russian export wheat fell in the past week along with the futures market rates, although the ruble exchange rate is weakening.
On the CBoT, wheat prices have been falling for six trading days, as demand for US wheat is unsatisfactory despite a tight global market supply. The ruble exchange rate is currently at its weakest level against the US dollar since April 2016. This is triggered by new US sanctions against Russia.
Black Sea export wheat with 12.5% ​​protein cost 225 USD / ton fob at the end of last week. That was $ 5 less than a week earlier.
From July 1 to August 22, Russia exported 7.8 million tons of grain from the 2018/19 harvest; that is 42% more than in the same period last year. This includes 6.4 million tonnes of wheat.
Some Russian farmers are refraining from selling their quality wheat because demand for it is particularly high and the ruble price is under pressure.
The local prices for class III wheat in the European part of Russia increased by 150 rubles to 10,550 rubles / tonne.

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