Russian wheat export prices dip amid global market trends

Russian wheat export prices saw a slight decline last week, mirroring trends in the global market. According to consultancy IKAR, prices for wheat with 12.5 percent protein content shipped from the Russian ports of Vysotsk and Ust-Luga fell to USD266 a metric ton FOB for delivery in late November, down USD1 from the previous week.

The drop in prices comes as most shipments are being redirected to Baltic terminals due to disruptions in southern Russian ports. Since mid-August, shipments via ports in the Azov-Black Sea basin have largely halted because of attacks on vessels and damage to terminals.

Analysts expect a rise in wheat shipments in October, with IKAR estimating exports could reach up to 2.5 million tons. Sovecon has also revised its estimate for September, increasing it to 2.4 million tons from 2.1 million tons. Overall, wheat exports from Russia between July and September 2026 are projected to total 6.8 million tons, a significant decrease from the 11.3 million tons exported during the same period last year.

Despite the export challenges, Russia's wheat harvest remains robust. Russian Deputy Prime Minister Dmitry Patrushev reported that the country has already harvested over 126 million tons of grain from 90 percent of its cultivated land, with the total harvest expected to reach 140 million tons. Minister for Agriculture Oksana Lut noted that this year’s wheat harvest could match last year’s levels.