Russia's Wheat Exports Surge as Prices Dip Amid Baltic Terminal Shift
Russian wheat export prices have fallen in line with global trends, dipping to $267 per metric ton for delivery in November FOB at the end of last week. This is a decline of $1 from the previous week's price.
The drop in prices comes as shipments from Russia accelerate, with analysts revising upward their estimates for wheat exports from Russia in September. According to IKAR, 2.3 million tons of wheat were exported in September, surpassing earlier estimates of over 2 million tons from SovEcon and Rusagrotrans.
The increased activity is largely due to shipments being redirected to Baltic terminals, as southern Russian ports remain closed following attacks on vessels and damage to terminals. The Azov-Black Sea basin has been particularly affected, with shipments grinding to a halt from mid-August.