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Export Prices for Russian Wheat Rose to Nine-year High

12.10.21 21:00
Export prices for Russian wheat rose to a nine-year high, the Sovecon analytical firm reported.
"Last week, prices for wheat with 12.5% protein in deep-water Russian ports rose by $6, to $ 312 per tonne FOB. This is a record level since August 2012. The growth is supported by limited supply in the domestic market and the strengthening of the ruble," the analysts say, TASS reports. 

Experts noted that the ruble market was generally stable. Average prices for wheat of the 3rd class increased by 25 rubles, up to 15,025 rubles ($209) per tonne, the price of the 4th class wheat remained at 15,000 rubles ($209), the price of the 5th class wheat - at 14,375 rubles ($200) per tonne. Prices for wheat with 12.5% protein in deep-water ports fell to 16,000-16,600 rubles ($222-231) per tonne from 16,200-16,700 rubles ($225-232) per tonne a week earlier. Port demand is relatively weak, with traders talking about limited forward sales, a strong ruble and a further increase in export duties.

"In general, the activity in the grain market is low. Farmers sold part of their harvest to free up warehouses and replenish working capital, some of the processors replenished stocks. Farmers are currently engaged in harvesting late crops and sowing winter crops and again slowed down the sales rate," the analysts say. In the short term, Sovecon experts expect a relatively stable situation on the Russian wheat market.

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