Bid prices for Russian wheat with a 12.5% protein content in deep-sea ports have increased by 1`800 RUR/t since the beginning of June, to 15`000 RUR/t (168 USD/t), the highest indicator since June 2022. Such data were announced by analysts of the SovEkon company.
"The growth of wheat prices was facilitated by the market situation, the reduction of export duties, and higher competition between exporters," the experts clarified.
The market situation in June contributed to the growth of Russian export prices. Thus, prices for French wheat on the MATIF exchange increased by 10 EUR for the month, to 231 EUR/t (252 USD/t), and at the peak, they were traded at 251 EUR/t (275 USD/t). Russian FOB for the month increased by 8 USD to 232.5 USD/t.
"The domestic wheat prices were also supported by competition between exporters. The volume of concluded contracts for the sale of wheat by the end of June increased by 1.2 mln tonnes to 2.3 mln tonnes," the analysts added.
