Russian Wheat Prices Plummet Amid Exporter Constraints

The decline in Russian wheat prices has accelerated sharply over the past week, particularly in the country's southern regions. According to ProZerno, Class 4 wheat, Russia's main export-grade wheat, fell by around $35 per ton in just one week, dropping to about $121 per ton.

Class 3 wheat declined by approximately $24 per ton, while Class 5 wheat lost about $29 per ton. Corn prices in the region also dropped by almost $30 per ton.

The decline in wheat prices was not limited to southern Russia, with other regions experiencing a slower pace of decline. However, feed barley recorded a significant drop, falling by around $29 per ton in central regions.

ProZerno attributed the accelerating price decline to the near absence of purchases by exporters, whose facilities are already filled with grain, while the new crop continues to enter the market. Analysts are calling for urgent state grain purchasing interventions of at least 10 million tons to stabilize prices.