Upward trend in wheat prices continues in Russian market. During last week milling wheat (12.5%) prices in Novorossiysk and Azov ports increased by $3-4 to $170-174/MT FOB and $150-154/MT FOB respectively for August and September delivery. Export prices for high protein wheat are still supported by lower supply, both on the global and domestic Russian market.
Taking into account the expected record for wheat production in Russia this year in absolute terms the amount of milling grain will clearly be no lower than last year. So while the issue of grain quality remains officially “open” on the market, producers take the opportunity of boom, restraining sales of high-quality wheat until purchase prices in the domestic market continue to grow. During the week domestic prices for wheat with 12.5% protein increased by RUB 200/MT in deep water ports. (UkrAgroConsult/Business World Magazine)