Prices in the export market of Russian wheat closed the reporting week up USD 2/MT FOB (deep-water ports). They were driven up by some trade recovery after the holidays along with reviving demand from importers, reports UkrAgroConsult.
Tight supply of Russian wheat in the latter half of the season will push importers to turn to the competitors of Russia.
The Russian Ag Ministry forecasts total 2018/19 grain exports at 42 MMT. UkrAgroConsult estimates wheat export potential at 35 MMT of wheat.
As a reminder, according to preliminary data of the Russian State Statistics Service, the 2018 wheat crop exceeded 72 MMT in net weight – this may add to Russia’s export availabilities. However, it should also be taken into account that the final 2017 crop figures were lower than preliminary ones – this is possible in 2018 as well.
