Russian Wheat Exports Plummet Amid Ukraine Conflict

Russian wheat export prices have fallen to their lowest level in recent weeks, but analysts say the drop is largely symbolic due to the ongoing conflict with Ukraine.

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, said Dmitry Rylko, head of consultancy IKAR.

Shipments via ports in the Azov-Black Sea basin have been virtually halted due to ongoing attacks on vessels and damage to terminals, with volumes approaching 2010 lows.

The Russian government has downplayed concerns about export disruptions, with President Vladimir Putin stating that issues related to exports would be resolved.