Russian FOB wheat prices were declining in April

Russian FOB wheat prices were declining in April. As of the end of the month, 12.5% wheat with the nearest delivery is traded around $218-219/mt. This is 3.5% lower than at the beginning of the month.

Russian FOB wheat prices were declining in April. As of the end of the month, 12.5% wheat with the nearest delivery is traded around $218-219/mt. This is 3.5% lower than at the beginning of the month.

Prices are under pressure, demand is weak as large importers are waiting for the new crop which prospects look good currently. Russian July wheat is currently quoted around $185/mt. The top importer, Egypt, in mid-April started to buy wheat from local farmers.

May wheat contract in Chicago in April lost 8% as funds remained heavy sellers.

Bulls could hope for prices’ revival on weather issues in EU where in many regions received fewer rains than the norm in previous months. However, April rains boosted the moisture levels, more rains are expected in May.

Russian farmers remain slow sellers and internal stocks are at historically low levels. However, looks like this is not an issue for traders as for many of them export programs for the current season are almost over.

Without weather anomalies we expect Russian FOB wheat prices to decline further. The new crop could also get cheaper if prospects remain good.

Russian 12.5% prot. wheat, $/mt (FOB deep sea ports)

Follow the Black Sea grain market

Get your free trial of The Sizov Report — an analytical service covering agricultural markets of Russia, Ukraine and Kazakhstan

Try for free

More Articles for You

Slower Russian wheat exports to benefit the US

MOSCOW, Russia — In 2017/18, Russia exported a record-high 1.5 billion bushels (41 MMT) of wheat and became the largest …

Ukraine’s bumper corn crop to pressure U.S. exports business

Ukraine is expected to harvest a record-high corn crop this year which threatens the US exports to Asia

Russian wheat FOB prices are down following global benchmarks

12.5% wheat prices continue to creep lower, last week they were down $1 again to $193 (FOB deep sea) on …

Russia’s wheat exports declined 14% in 18/19, further decrease is expected in 2019/20

In the 2018/19 (July-June) season Russia exported 35.3 MMT of wheat which is 14% lower than a year ago. In …

USA lost Chinese corn market even before the trade war thanks to Ukraine, fast-growing Black Sea exporter

USA lost Chinese corn market years ago to Ukraine, which exports rose six times in last 10 years. This year the country is expected to harvest another bumper corn crop.

Russian wheat traders face a tough start to the season

Russia’s traders face a tough start of the new export season. Farmers remain slow sellers, the ruble is strong and new crop outlook is deteriorating. July wheat exports are projected at 3.1 MMT, -18% YoY.