Export companies have set a new price level for Russian wheat, which currently stands at 14,500 rubles per ton ($184). This information was disclosed by the organization SovEcon.
A year earlier, prices for Russian grain crops were at the level of 15,250 rubles per ton ($173). In the current year of 2024, prices for the new harvest began to decline from the beginning of July, reaching 14,750 rubles per ton ($167) by mid-month, and then gradually increasing until the end of the year, reaching a peak in October at 17,900 rubles per ton ($186) – according to analysts.
Experts also noted that last week, export prices for Russian wheat fluctuated in the range of $226 to $230 per ton, while a year earlier they were at $234–236 per ton.
According to experts, upcoming prices may come under pressure due to the arrival of a fresh harvest and possible decreases in FOB prices. The unstable financial situation may stimulate active sales by agricultural producers in need of working capital replenishment.
At the same time, the market could be positively influenced by average crop performance in the south of Russia combined with limited stocks and possible cuts in duties. Furthermore, current CPT prices, analysts say, appear undervalued compared to existing FOB rates, as summarized in the report.
