Export prices for Russian wheat have strengthened

Published Oct 15, 2024

Tridge summary

Russian wheat export prices increased last week due to anticipated tighter supplies from an early export surge, smaller harvest, and high demand. The price of new-crop Russian wheat with 12.5% protein content for November delivery was $230 a tonne, up $7. The official grain harvest forecast for Russia this year has been reduced to 130 million tons, including 83 million tons of wheat. However, rains in drought-affected regions could potentially improve the condition of winter wheat crops in the south, south-central, and Volga region.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russian wheat export prices rose last week on expectations of tighter supplies after an early-season export surge, a smaller harvest, and strong demand from major importers. The price of new-crop Russian wheat with 12.5% ​​protein content on a free-on-board (FOB) basis for November delivery was $230 a tonne late last week, up $7, according to Dmitry Rylko, head of IKAR consultancy. “Everyone expects fairly limited supplies from Russia for the rest of the season,” IKAR head Dmitry Rylko said, noting the high export pace in the first three months of the season. SovEcon consultancy reported that prices for Russian wheat with the same protein content were $231-$233 a tonne, up from $222-$224 the previous week. Weekly grain exports are estimated at 1.11 million tonnes, up from 0.97 million tonnes the week before, including 1.05 million tonnes of wheat, up from 0.87 million tonnes. The first estimate for October wheat exports is 4.5-4.9 million tonnes, up from 4.7 million tonnes a year ...
Source: Oilworld
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