Russian wheat export prices fall amid positive harvest outlook
(MENAFN) For the fourth consecutive week, Russian wheat export prices have continued to decline, mirroring global market trends buoyed by optimistic news regarding the upcoming harvest. By the end of last week, Russian wheat with a 12.5 percent protein content, scheduled for free-on-board delivery in late July, was trading at USD226 per tonne. This marked a USD5 decrease from the previous week's price, as reported by agricultural consultancy IKAR.
Similarly, another agricultural consultancy, Sovecon, reported that the same grade of wheat for the nearest delivery was priced at USD227-229 per tonne free on board last week, reflecting a decline from the previous week's USD234-236 per tonne range. This downward trend in prices was further evidenced by an exercise conducted by Egypt's General Authority for Supply Commodities (GASC), which showed a significant drop in the offer price for Russian wheat.
In a notable development, GASC purchased 180,000 tons of Russian wheat at USD227 per ton, free on board, with an expected arrival date in late August to early September. This marked the first purchase at this price after many international tenders and practices, highlighting the competitive pricing of Russian wheat in the global market.
Meanwhile, Turkey has imposed a ban on wheat imports from June 21 to mid-October. This measure aims to protect Turkish farmers from the adverse effects of lower prices and other negative consequences associated with the new harvest season.
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