Russia's Wheat Prices Plummet Below $100 Amid Export Decline

Russian wheat prices have plummeted to under $100 per metric ton due to a grain surplus and declining exports through ports in the Azov-Black Sea basin, according to UkrAgroConsult.

In August, global wheat prices rose by approximately 16.5%, with US wheat trading at around $283 per metric ton. Russian wheat in Novorossiysk had fallen to $215 per metric ton just a few weeks prior.

The shutdown of port infrastructure has put record pressure on the domestic market, causing purchase prices for Class 3 wheat in the Rostov Region and Krasnodar Krai to start at 8,200 rubles per metric ton.