Export prices for Russian high-protein wheat fluctuated during the week, but showed a slight decrease. On the one hand, the pressure was caused by drop in wheat quotations on the global market (on the Chicago Board of Trade -10.2% over the week), and on the other – prices were supported by the slower pace of harvesting works in the Central and Northwest federal districts due to heavy rains.
In addition, soil waterlogging may have a negative impact on yield and grain quality. During the week 12.5% protein milling wheat prices in Novorossiysk and Azov ports reached $172-174/MT FOB and $151-155/MT FOB respectively for September delivery.
Wheat with 11.5% protein was supported by strong demand and active export shipments. Export prices have strengthened over the week to $165-169/MT FOB in the Novorossiysk port for September delivery.
On the domestic market wheat remained stable. At the same time traders continue to report difficulties with accumulation of milling wheat. Producers still restrain sales of high-quality grain. (UkrAgroConsult/Business World Magazine)