Russia wheat export prices resume rise

Russian wheat export prices rose last week after a recent pause as the ruble strengthened and global grain prices continued to push higher.

The report noted that Russian wheat with protein loading from Black Sea ports in the first half of November was $312 per tonne FOB on Oct. 22, up $2 from the previous week, said Dmitry Rylko, head of the Moscow-based Institute for Agricultural Market Studies.

Russia, which in recent years has been the world’s largest wheat exporter, has seen exports decline by 29% since the start of the 2021-22 marketing season in July.

The Foreign Agricultural Service of the US Department of Agriculture (USDA) is forecasting Russian wheat exports to decline to 35 million tonnes this year, down from 38.5 million in 2020-21.

The USDA also is projecting a steep decline in Russian wheat production from 85.3 million tonnes in 2020-21 to 72.5 million this year.

Russia earlier this year imposed a floating tax on wheat exports in an attempt to ensure an adequate domestic supply as the country battles food inflation.

World Grain

Tags: wheat, Russia, export, prices