Mixed price trends were observed in the Russian milling wheat market this past week. Prices both in the domestic and export markets continued sinking over the week. However, the Black Sea wheat market got support from a good rise in wheat on the Chicago exchange late in the week. Prices for Russian wheat with 12.5% protein flattened out in the Novorossiysk port. They even somewhat strengthened to $183‑184/MT FOB for September-October delivery.
Nevertheless, export prices for 11.5%-protein wheat closed the week down another $1/MT at $171‑174/MT FOB Novorossiysk port for September-October delivery, reports UkrAgroConsult.
Noteworthy is that domestic wheat prices in Russia have already fallen below last year – to RUB 9000-9800/MT EXW depending on the region.
Since the start of 2017, the Russian Ag Ministry has been declaring its readiness to conduct grain purchase interventions in case if the market situation makes them necessary. Russian Ag Minister Aleksander Tkachev does not rule out that they may begin in September.
(Source – http://www.blackseagrain.net/novosti/russia-wheat-export-prices-strengthened-last-week)