Market commentary

Black Sea wheat sharply lower on new crop prospects, Russian farmers hope that the tax will be lifted in 2021

Last week, 12.5% wheat prices in deep-sea ports dropped $21 to $253/mt. Traders continued to report extremely low demand, global benchmarks moved lower.

Black Sea wheat prices lower on weak demand and good weather

Russian wheat prices in deep-sea ports dropped $9 to $274/mt (12.5%, FOB) on lack of demand and weaker global benchmarks

Black Sea wheat prices lower on improving weather

Weather improves in the Northern Hemisphere pushing Black Sea wheat prices lower

Russia: share of wheat in poor condition has fallen unprecedentedly

Share of Russia’s grain crops in poor condition has fallen to 7-9% since November when it was at 22%, a record high level for a decade.

Wheat bids in Russia’s ports fell more than 10%

Wheat bids in Russia’s ports fell more than 10% as farmers sell more aggressively

Russian domestic wheat market is weakening as farmers are starting to sell

Ruble wheat prices are down on bigger supply and low demand from exporters and processors.

Ruble wheat prices up, government threatens to cap grain prices

Last week, wheat ruble prices were higher again in Russia’s market, supported by sluggish farmers’ sales. The government tries to encourage farmers to sell more aggressively.

SovEcon cut 2020/21 Russia’s wheat export estimate by 10%

SovEcon, a leading Black Sea agricultural markets consultancy, cut 2020/21 Russia’s wheat export estimate from 40.8 MMT to 36.3 MMT …

Wheat FOB prices rise on Russia’s customs’ delays

Russian 12.5% wheat prices in deep-sea ports rose $2 again to $259/mt (FOB) on customs’ delays, things are improving this week

Russian wheat flat, grain processors lobby for export tax

Russian export market remains relatively flat. 12.5% wheat prices in deep-sea ports declined by $1 to $253/mt. The market continues to watch the weather in the Black Sea and follow closely a discussion about potential export restrictions.