Wheat export prices are also falling in Russia

Russian wheat export prices fell last week after four consecutive weeks of rising prices. The main reason for this is the drop in the price of wheat futures in Chicago and Paris due to falling demand and the uncertainty caused by the Covid-19 pandemic. The Russian agricultural consultancy IKAR reported a price of $ 251 / ton FOB for export wheat with 12.5% protein loaded at the Black Sea port of Novorossiisk late last week. That's a $ 6 / ton decrease from the previous week. SovEcon reports a price drop of $ 2 / tonne to $ 253 / tonne, while the company reports a price increase of $ 1 to $ 211 / tonne for barley. "We expect the price of Russian export wheat to fall in the short term in order to restore its competitive advantage," said SovEcon.
Last week's weather was a little adverse for the new crop in most grain regions, reports SovEcon, but the situation could improve this week as the rain forecast and temperature stay above norm and the plants have extra time to move forward to develop over the winter.
Hansa Terminhandel GmbH
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