Russian Wheat Exports Continue Amid Price Volatility

Russian wheat exports continue to flow despite rumors of a halt last week, causing wheat quotes to drop sharply after reaching multi-year highs. The suspension of sea grain exports from Ukraine and speculation about Russian Federation exports led to the price spike.

The September futures for soft winter SRW wheat in Chicago decreased by 2.1% to $242.5/t, while durum HRW wheat in Kansas City increased by 0.8% to $267.9/t. Spring HRS wheat in Minneapolis rose by 2% to $259.5/t.

Romania and Bulgaria saw significant increases in sales due to the export overlap and price rises. The Russian Federation continues to export wheat from Novorossiysk, despite limited shipping in the Azov-Don Canal due to drone attacks on ships.