The price of Russian export wheat fell last week after rising for six weeks. The world's largest wheat exporter is expected to introduce an export quota. The quantities mentioned are less restrictive than expected, which led to falling prices on the futures exchanges in Chicago and Paris, analysts said today.
Russian wheat with 12.5% protein from Black Sea ports for delivery in December was quoted at 337 US dollars per tonne of fob late last week, 3 US dollars less than the previous week, the consulting firm IKAR said in a statement.
Russia is considering setting its grain export quota at 14 million tons, including 9 million tons of wheat, for February 15 through June 30, a source familiar with the subject told Reuters. No final decision has been made yet.
It's a "relative" quota size, analysts said, adding that Russia's exportable surplus is estimated at 9-10 million tons of wheat for the period.
Russian wheat exports have been off since the beginning of the 2021/22 marketing season on 1.July down 36.5% due to a smaller harvest and export tax that will rise to $ 84.90 per ton this week.
Source
Hansa Terminhandel GmbH