The Russian wheat market shows no noticeable price change. Export prices for Russian wheat remained within last week’s range in deep-water ports and gained another $1-2/MT FOB in smaller ports.
Russian wheat prices in the export market remain high, further losing competitiveness against offers from other sources, reports UkrAgroConsult.
While Russian wheat price is on the rise, the American and French products became cheaper. This immediately affected importer demand. On February 8, Russian wheat missed out on an Egyptian GASC tender for a second consecutive time because of the price, though it was reduced by a couple dollars there against the previous tender.
As a reminder, U.S. wheat is purchased in Egypt’s state tender for the first time since MY 2016/17. Undoubtedly, Russia’s share in GASC tender purchases remains dominant, but it is likely to fall to a three-year low in MY 2018/19.
More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.
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