The rise in prices for Russian wheat will resume in the near future

Updated Sep 26, 2023
Export and domestic prices for Russian wheat will begin to rise in the near future, for which all the prerequisites have been created. This deterioration in harvest and export prospects in a number of countries, as well as a decrease in tender purchases of wheat by a quarter by the main importing countries, is predicted by the analytical center of Rusagrotrans JSC.
“A reversal of the trend is expected in the near future. This is facilitated by record export rates and a decrease in grain surpluses, which, as a result, will soon lead to an increase in prices not only on the world market, but also on the domestic market. We expect an increase in domestic prices and purchase prices in ports will be 1,500-2,000 rubles per ton,” the center told Interfax. According to analysts’ calculations, the wheat export potential of Russia’s seven competing countries (EU, USA, Australia, Canada, Ukraine, Argentina, Kazakhstan) this season (July 2023-June 2024) will decrease by 21 million tons, to 121.5 million tons. This will be the lowest figure in the previous five seasons (since the 2018/2019 agricultural year).\ At the same time, the forecast for Russian wheat exports in September 2023, taking into account the EAEU countries, was increased from 5.45-5.5 million to 5.55-5.6 million tons. The previous record for September was 5.24 million tons. ...
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