Further decline in Russian wheat prices and shipments expected to grow in March

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Russian wheat export prices fell last week due to continued increase in supplies on the global market, but analysts expect significant growth in shipments from Russia in March.

Agricultural consulting company Ikar said the price of Russian wheat, which contains 12.5% protein and is scheduled to be supplied on an FOB basis in April, reached $198 per metric ton, down five dollars from the previous week.

Soficon Agricultural Consulting Company pegged the same category of wheat at a price of between $199 and $202 per ton, FOB, compared to a price of between $208 and $212 the previous week.

The head of the Russian Grain Producers Union, Arkady Zlochevsky, said in a press conference on Monday, “We’re forced to pump our quantities into the sales market, which has stopped and is not expanding… Expectations so far indicate very low prices until the end of the season”.

Soficon quoted data issued by the ports that Russia exported 1.15 million tons of grain last week compared to 1.12 million tons in the previous week, including 1.03 million tons of wheat, up from 0.91 million tons in the previous week.

Last week, Russian President Vladimir Putin estimated Russian grain exports in the 2023/24 season at about 65 million tons.

According to Zlochevsky, Russian grain exports this season could reach 70 million tons if the government agrees to increase the export quota by four million tons.

He added that exports so far reached a record 47 million tons.

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