November 22, 2022

Russian wheat prices decline

Analysts said Russian wheat prices have declined following an extension to the Black Sea agreement allowing shipments of Ukrainian grain, Business Recorder reported.

According to a note from the IKAR agriculture consultancy, prices for Russian wheat with a 12.5% protein content and for supply from Black Sea ports in December were US$314 per tonne free on board (FOB), down US$3.5 from the week prior.

Port data cited by another consultancy, Sovecon, showed Russia's grain exports last week, which totaled 1.03 million tonnes, were unchanged from the previous week.

Sovecon said the Russian Ministry of Agriculture has already purchased 1.74 million tonnes of grain from the domestic market for the nation's state stockpile during the current July-June season.

The consultancy said farmers have planted winter grains on 17.6 million hectares, down from 18.3 million hectares at about the same time last year.

-      Business Recorder