Russian Wheat Exports Plummet Amid Ongoing Conflict

Russian wheat export prices have dropped in recent weeks, but some analysts believe the decline is largely symbolic due to ongoing conflict with Ukraine. Shipment volumes from southern ports have been severely impacted by attacks on vessels and damage to terminals.

The price of Russian wheat with 12.5% protein content for free-on-board delivery in late September was down $5 at $210 per ton, compared to the previous week, according to Dmitry Rylko, head of consultancy IKAR. The FOB Baltic price for the same grade of wheat remained steady at around $248 per ton.

Rusagrotrans has lowered its export forecast for this month to 1.8 million tons, SovEcon to 1.9 million tons from 2.2 million tons a week earlier, and IKAR to around 2.0 million tons from 2.1 to 2.6 million tons last week.

Russian President Vladimir Putin stated that Russia had 'issues' related to the export of goods, but these would be resolved, meaning there will be no shortage on the global market.