Andrey Sizov
11.11.2025
Average prices for Russian 12.5% protein wheat in the European part of the country fell by 150 rub to 13,700 rub/mt last week, according to SovEcon’s price monitoring. This marks a new low for 2025 and the lowest level since August 2024. The decline was driven by high supply of the new crop in non-southern regions.
In the Volga Federal District, wheat prices fell to 11,500 rub/mt, while in the Central District they dropped to 11,950 rub/mt — the lowest levels since early July for both regions.
Wheat supply in both regions is high due to a good crop. In October, SovEcon estimated the 2025 wheat harvest in the Volga region at 20.3 mmt compared with 17.7 mmt in 2024, and in the Central region at 21.3 mmt versus 16.8 mmt a year earlier.
Despite abundant supply, demand for wheat in the Center and Volga remains weak, both from local consumers and exporters. Additional challenges stem from logistical difficulties in delivering grain to seaports from these regions, especially with the closure of river navigation ahead of winter.
In the South, prices declined to 15,000 rub/mt but remain above early July levels. Demand for southern grain is strong amid active exports, though sales volumes remain limited.
We do not rule out a further gradual decline in prices, especially in regions far from export terminals. However, a significant price drop in the South is unlikely amid a relatively active export campaign. SovEcon estimates Russian wheat exports in November at a record-high 4.6 mmt, compared with 4.1 mmt a year earlier.
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