Russian wheat export shipments to dip
Russian wheat exports are expected to decline in November after reaching record highs in October due to new export restrictions and decreased demand. Current prices for Russian wheat with 12.5% protein remain stable, ranging from $232 to $240 per tonne. Analysts predict a significant drop in export volumes as contracting has sharply decreased, particularly since only certain Russian grain companies will be allowed to sell directly to sovereign buyers at international tenders.
MOSCOW: Russian wheat exports are set to decline in November after hitting record highs in October amid new export restrictions and reduced demand, with wheat export prices little changed from last week, say analysts.
According to Dmitry Rylko, head of the IKAR consultancy, the price of Russian wheat with 12.5% protein, scheduled for free-on-board delivery in late November to early December, was unchanged at US$232 per tonne at the end of last week
The Sovecon consultancy reported that prices for Russian wheat with the same protein content were US$235 to US$240 per tonne, up from US$234 to US$237 in the previous week.
Rylko predicted a significant decline in export shipments in November. High volumes in October were the result of exporters pressing to fulfil existing contract.
“We assume that we will have a serious decline (in shipments) as contracting has fallen sharply,” he said.
Russia’s Grain Exporters and Producers Union (Rusgrain), which says it represents firms exporting 80% of Russian grain, said in October that only Russian grain companies will be able to sell directly to sovereign buyers at international tenders.
Source Link : https://www.thestar.com.my/business/business-news/2024/11/04/russian-wheat-export-shipments-to-dip
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