The price of Russian wheat fell below $300 per ton

Published Mar 9, 2023

Tridge summary

Last week, the price of Russian wheat with 12.5% protein dropped to $294-298/t from $300-303/t a week earlier, the SovEcon analytical center estimated. FOB prices fell below $300/t for the first time since August 2021, Russian wheat is getting cheaper amid fierce competition from other exporting countries, analysts said.

Original content

Since mid-February, prices on the Chicago Stock Exchange have fallen by 12% to $6.95/bushel ($255/t), on the Paris Stock Exchange — by 10% to 271 euros per ton ($289/t). Sales at these sites are spurred on by expectations of the extension of the “grain deal”. “In our view, the chances of such an outcome are high, especially after Beijing called for an extension of the deal in its February 24 statement,” SovEcon said in a statement. The "grain deal" expires March 18. On March 2, the Russian Foreign Ministry reported that it was still not working, the West was sabotaging the implementation of the Russian part of the agreements. Later, the official representative of the department, Maria Zakharova, said on the Russia-1 TV channel that Russia was ready to continue to fulfill its part of the agreements under the deal if its other participants fulfill their obligations on an equal basis. “If this is another scam, if this is another attempt to pull out what they need and forget ...
Source: Zol
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