The export prices of Russian wheat decreased slightly due to the quota expansion

Regulation & Compliances
Market & Price Trends
Published Apr 24, 2024

Tridge summary

Russian wheat export prices have slightly decreased due to active shipments and the expansion of the country's grain export quota, reaching $208 per ton. Despite this, expectations of higher exports remain due to the new quota, bringing the effective export quota to 24 million tons. However, dry weather conditions are impacting harvest forecasts, with the crop forecast being reduced by 1 million tonnes to 93 million tonnes.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russian wheat export prices fell slightly last week due to active shipments and the expansion of the Russian grain export quota. Meanwhile, the onset of dry weather is affecting harvest forecasts. The price of Russian wheat with a protein content of 12.5 percent delivered on board, known as FOB delivery, when the seller delivers the crop to the port at his own expense, was $208 per ton in late May-early June, compared to $210 the previous week. Dmitrij Rylko, head of the IKAR agricultural consulting firm, linked the price drop to expectations of higher exports after the introduction of the additional grain quota. Russia introduced an additional quota of 5 million tons for wheat, rye, barley and corn for the period between February 15 and June 30, 2024, bringing the effective export quota to 24 million tons. Between $210 and $212 Agricultural consultancy Sovecon's wheat in the same class varied between $210 and $212 per ton. The volume of Russia, the world's largest wheat exporter, ...
Source: AgroForum
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