Russian Wheat Export Prices Surge Amid Black Sea Supply Shock
Russian wheat export prices have risen in recent weeks due to limited supply from the Azov-Black Sea basin, which has been affected by restrictions and attacks on vessels. Analysts believe that global prices are being driven up by this shortage.
Andrey Sizov, head of SovEcon consultancy, stated that 'the market is finally starting to seriously price in the Black Sea supply shock'. He also noted that wheat exports from Russia may remain at their lowest level since 2010 for the second month running.
The current export prices for wheat with a 12.5 percent protein content in the Baltic region are estimated at USD263 per metric ton FOB Vysotsk, up from USD248 a week earlier. The nominal price per ton of wheat delivered on a free on board (FOB) basis from Novorossiysk is currently estimated at USD210.