Russian wheat is becoming more expensive on the world market

Wheat

Grains, Cereal & Legumes

Russia

Market & Price Trends

Published Mar 26, 2024

Tridge summary

The price of Russian wheat has seen an increase to $204–205 per ton due to heightened demand and dry weather concerns in the Black Sea region, alongside potential geopolitical tensions and issues with a major exporter, Trade House Rif. Despite these challenges and the ongoing military conflict between Russia and Ukraine, large global and European grain reserves are expected to mitigate significant price hikes. Russia is projected to export a record 5 million tons of wheat in March, contributing to a season total of 63.8 million tons of grain exports, indicating a strong performance in agricultural exports despite the current challenges.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Growing demand and concerns about dry weather in the Black Sea region could help strengthen prices for Russian wheat on world markets. Over the past two weeks, the price of wheat from the Russian Federation has increased by $6, to $204–205 per ton. The further dynamics of quotes may be affected by the escalation of the situation in the Black Sea, but huge grain reserves are likely to restrain a significant rise in prices. Prices for Russian wheat with 12.5% protein for export in April increased by $3 in the week to March 22, to $204 per ton (FOB), Rusagrotrans analysts calculated. Prices are rising for the second week in a row and have increased by $6 per ton since March 8, the company added. They attribute the dynamics, among other things, to the growth in demand for Russian wheat as the most competitive in price. Wheat from both France and Germany, according to analysts, rose in price by $5 over the week, to $214 and $229 per ton, respectively, while American wheat fell by $2, ...

Source: Zol