According to APK-Inform, the export prices of Russian wheat have been declining since late June.
The prices were pressured by a progress of the harvesting campaign, high freight rates in the Black Sea waters and probable accumulation of supply surplus of wheat on the Russian domestic market due to expected record crop, high carry-over stocks and risks of lower exports amid sanctions. Last week, the prices were additionally pressured by lower currency rate and decrease of the export duty because its calculation was switched to rubles.
Over the reported period, the offer prices of Russian 12.5% wheat of harvest-2022 decreased by 40-45USD/t to 370-390 USD/t FOR deep-sea ports (July-August) as of July 12. Amid even lower demand, the prices of feed wheat declined by 55 USD/t to 330-350 USD/t FOB.
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