Russian wheat export prices fall again
Russian wheat prices dropped to $216 per metric ton for late September delivery. Weekly grain exports fell to 1.16 million tons, with wheat at 0.98 million tons. August wheat exports are projected at 4.8 million tons, down from 5.3 million last year. Despite Ukraine’s attack on a Russian ferry, grain exports are not expected to be significantly affected. Russia faces severe weather-related crop losses.
The IKAR consultancy put the price of free-on-board (FOB) 12.5% protein Russian new crop wheat for delivery in late September at $216 per metric ton at the end of last week, $2 lower than the week before.
Sovecon estimated Russia’s weekly grain exports at 1.16 million tons, down from 1.35 million a week ago, including 0.98 million tons of wheat. Russia is the world’s largest wheat exporter.
The consultancy forecast wheat exports in August at 4.8 million tons, compared with 5.3 million tons a year ago, and wheat exports in the 2024-25 season at 48.8 million tons.
Sovecon said it expected Egypt to return to the market in the near future as the country remains confident of securing its target of around 3.8 million metric tons of imported wheat by the end of 2024.
It also saw no significant impact on grain exports from Ukraine’s attack on a ferry in Russia’s Kavkaz port on the Black Sea on Aug. 22, noting that about 10 million tons of wheat per year were shipped through Kavkaz.
Russia has been hit by weather extremes ranging from early spring frosts to droughts to floods, with some grain-producing regions suffering significant crop losses. The bad weather showed no signs of abating during the harvesting season.
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Source Link : https://www.brecorder.com/news/40319385/russian-wheat-export-prices-fall-again
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