Russia. Wheat prices hit two-year low

Export prices for Russian milling wheat continued sinking (down $4-5/MT FOB week-over-week in deep-sea ports and down $1-2/MT FOB in small ports), reports UkrAgroConsult.

Russian wheat prices have lost $10/MT FOB over the month (down $38/MT FOB year-over-year), hitting their two-year low.

Prices continue to be driven down by weakening foreign demand against the background of increasing grain supply from the Black Sea region.

Comparatively high purchase prices in Russia’s domestic market along with low export prices have undermined export competitiveness of Russian wheat and reduced its shipments abroad.

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UkrAgroConsult