Export and domestic prices for Russian wheat resume growth

“We expect that the increase in domestic and purchase prices at ports will be 1,500–2,000 rubles per ton,” analysts note. The decrease in the wheat export potential of seven Russian competitor territories (Australia, Argentina, EU, Kazakhstan, Canada, USA, Ukraine) in the 2023/2024 season will amount to 21 million tons - to 121.5 million tons. This will be the lowest figure in the previous five seasons (since the 2018/2019 season). At the same time, the forecast for wheat exports from Russia in September 2023, taking into account the EAEU countries, was increased from 5.45–5.50 million tons to 5.55–5.60 million tons (the previous September record was 5.24 million tons ). The stock market was declining despite an increase in demand from importers, expressed in tenders from two large importing countries and purchases from China. Algeria (OAIC) purchased 600 thousand tons of wheat at a price of $272-275 per ton C&F for delivery from November 16 to December 31. Egypt (GASC) canceled ...