Russian wheat focus: Russian wheat export prices drop as wheat production forecast is raised

Consulting agency IKAR reported that as of last weekend, the FOB price for Russian wheat (protein 12.5%) for November shipments at Black Sea ports was $229, down $3 per ton from a week earlier. IKAR head Dmitry Rylko stated that the price drop was due to an increase in the expected Russian wheat production and unfavorable weather conditions at the ports. Consulting agency SovEcon reported that the FOB price for Russian wheat was between $230 and $232, unchanged from a week earlier. Looking at external market trends, on Friday, October 10, the December wheat futures on the pan-European exchange closed at 189.25 euros per ton, up 1.5 euros or 0.80% from a week earlier. Over the past week, Chicago wheat fell by 3.25%. Wheat exports for October are estimated at 5 million tons. Last Friday, SovEcon maintained its forecast for October Russian wheat exports at 5 million tons. Increased expected Russian wheat production On October 10, SovEcon raised its forecast for 2025 Russian wheat ...