The Sizov Report blog

Russian wheat prices hit a new high but we think that season’s peak could be close

Last week, domestic wheat prices dropped in Russia by 1.5%, which was the fist decline after several weeks of rapid growth.

Last week, 12.5% wheat prices in Russian deep-sea ports rallied further, by $13 to $299/mt supported by firmer ruble prices. Earlier rally in the global benchmarks also helped. Closer to the end of the week many buyers started to lower bids hoping that the ruble market could reverse soon.

Russia’s domestic wheat market is rising fast, supported by demand from exporters and domestic buyers as well as worsening crop outlook. This could negatively affect wheat exports pace during the next few months from the top world wheat exporter.

Russia’s domestic wheat market is rising fast, supported by demand from exporters and domestic buyers as well as worsening crop outlook. This could negatively affect wheat exports pace during the next few months from the top world wheat exporter.

Prices for Russian wheat rose steadily last week. Export quotes for wheat with protein 12.5% ​​strengthened by 2.5% to $245/t FOB

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.

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

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

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