Russian Wheat Exports Rebound Amid Global Market Decline

Russian wheat export prices have declined in line with global markets, according to recent data from consultancy IKAR. The price for wheat with a 12.5% protein content shipped from Russian ports of Vysotsk and Ust-Luga was at $268 per metric ton for delivery in November FOB by the end of last week, down $6 from the previous week.

The decline is largely due to the redirection of shipments from southern Russian ports, which remain closed following attacks on vessels and damage to terminals. Most exports are now being sent via Vysotsk and Ust-Luga, where prices have fallen in response to global market trends.

Analysts at SovEcon have raised their forecast for wheat exports in September to 2.1 million tons from 1.8 million tons a week earlier, citing an increase in export volumes to various destinations. However, this remains significantly lower than the five-year average of 12.9 million tons.