Russian domestic wheat prices rise to a three-month high

The price growth was driven primarily by the high demand from the exporters.

Average 4th grade wheat prices in Russia rose by 825 rub to 10,850 rub per metric ton ($128/mt) by June 21, as per SovEcon estimate. This represents the highest price point since March 2023. The price growth was driven primarily by the high demand from the exporters.

The rise in wheat prices within the Russian market is a reflection of increased activity of exporters. Data from the National Commodity Exchange reveals that as of June 26, large traders had outstanding wheat export sales amounting to 2.3 million metric tons (MMT), an increase from 1.9 MMT just a week prior.

From the start of June, the Russian 12.5% wheat Free On Board (FOB) price saw an increase of $7.5, reaching $232/mt. During the same timeframe, wheat bids in deep-sea ports increased by 1300 rub to 14,700 rub/mt ($174/mt).

The active rise in domestic wheat prices is likely to support further strengthening of Russian wheat export prices.

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