Russia. Wheat export prices were supported by strong demand

Export prices of Russian wheat closed the past week with another gain (+USD 2/MT FOB) because export demand is still high despite the fact that Russian wheat is more expensive than other Black Sea offers, reports UkrAgroConsult.

A lowered water level in the Azov Sea suspended navigation and consequently slowed down export shipments. This, in turn, forced terminals to restrict the reception of grain.

According to preliminary estimates, Egypt has become the top importer of wheat from Russia. The second biggest buyer is Turkey, which was the leader in previous months. In November, these two countries are to absorb a combined 44% of Russian wheat exports.

Planting of winter grains for the 2020/21 crop has been finished. Crop condition is better than last season.

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