Russian wheat export prices extended their gains last week, as geopolitical tensions continued and record shipments were exported.
High price of Russian wheat
Agricultural consultancy Ekar said the price of Russian wheat, which contains 12.5 percent protein, to be supplied on a FOB basis at the beginning of September, reached $250 per tonne last week, up from $248 the week before.
“It is reported that the Russian Ministry of Agriculture wants to adjust the unofficial minimum wheat price to $260 per tonne on a FOB basis,” Russia-focused agricultural consultancy Soficon wrote in its weekly note.
Russia’s total exports of wheat in August
Sofikon said that Russia’s total wheat exports in August ranged between 4.8 and 5.1 million tons, compared with 3.5 million tons in August 2022, and with an average of 4.7 million tons for all the previous August months.
Sofikon quoted data from the ports as saying that Russia exported 1.26 million tons of grain last week, compared to 1.23 million tons in the previous week, including 1.19 million tons of wheat.
It added that this is the largest number of wheat shipments being exported per week since August 2021.