Stormy weather pushes Russian wheat prices

Due to stormy weather in the loading ports for Russian Black Sea wheat, as well as the falling prices on the futures exchanges after the last USDA report, prices for Russian export wheat declined.
Prices for Russian wheat with 12.5% protein for delivery in December on the deep-water ports were at the end of last week at 182 USD/tonne fob. These were 2 $/ tons less than in the previous week. Deliveries via ports with less deep water levels were rewarded only with 152 USD/tonne.
Local wheat of class III cost 10.725 rubles per tonne, in the European part of Russia which is 175.5 USD/tonne. The wheat prices of classes IV and V dropped to 9.375 rubles and 8,175 rubles per tonne. The price decline occurs because of the stronger exchange rate of the ruble, as well as the sluggish shipments due to stormy weather.
Russian traders are worried about the increasing competition of Argentine suppliers. In addition, the crop prospects in Australia had improved. On the positive side, you can see the Elimination of import tariffs in India, could benefit even Russia. End of October there was already a shipment of 48,000 tonnes to India.
Since July 1, Russia exported 17.7 million tons of grain until the 7th. 0.3% are less than in the same period of the previous year's season. Of them were 13.9 million tons of wheat.

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