Russian Wheat Prices Stuck At Last Week's Level

Analysts say export prices for Russian wheat have stuck to last week’s levels after spiking a week earlier due to Russia’s withdrawal from the Black Sea grain deal, Al Jazeera reported.

Photo Insert: A wheat field in Rostov, Russia.

According to the IKAR agriculture consultancy, the price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in the second half of August was $241 per ton last week, down from $242 per ton a week earlier.

Russian wheat exports have been at record highs in recent months due to a bumper 2022 crop and large stocks.

Russia-focused agricultural consultancy Sovecon estimates Russian wheat exports in July at 4.4 million tons, compared to 2.5 million tons in July 2022.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic