Russia: Wheat export prices are taking a break

Wheat export prices in Russia fell moderately last week and paused after a month of price gains. Russian wheat with a protein content of 12.5% loaded at Black Sea ports for delivery in October stood at $ 233 per tonne of FOB late last week, a decrease of $ 2 from the previous week, the consulting firm IKAR said in a statement. The analysts at Refinitiv put the price of wheat at USD 235 per ton, a decrease of USD 0.5. Sovecon, another Moscow consulting firm, said barley had increased by $ 2 to $ 194 a ton. However, domestic wheat prices continued to rise due to strong demand from exporters and animal farms, Sovecon said. Russia's 2020 wheat crop is large, but many farmers are in no rush to sell them as they have enough money to plant winter wheat and are ready to store their crops. According to Sovecon, the weaker ruble and rising domestic prices increase the risk of government intervention in some form. The Russian Ministry of Agriculture had previously announced that it would decide in October on the introduction of a grain export quota from January to June 2021.

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