Russian wheat export offer price falls for the fourth week

02-Jul-2024 03:36 PM

Moscow. Russian wheat export offer price remained soft for the fourth consecutive week. Preparations for harvesting of the new early sown wheat crop have begun there and the initial trend of yield and production being better is putting pressure on the market.

According to an analyst firm, the export offer price of wheat with 12.5 percent protein from Russia for delivery in the last days of July fell by $ 5 per tonne. According to another firm,

the offer price of wheat of the same category for near term shipment fell to $ 227-229 per tonne last week from $ 234-236 per tonne in the previous week.

Last week, in the tender issued by Egypt's government agency GASP for wheat purchase, bids at lower prices were also received. Egypt has purchased 1.80 lakh tonnes of new wheat from Russia for August-September delivery.

Although Turkey, a leading buyer of Russian wheat, has banned wheat imports for the period from June 21 to mid-October, while in the meantime the harvesting of the new crop will be completed in Russia,

but this is unlikely to have any significant impact on Russia as many other countries are already ready to buy it. Russia is the world's leading exporter and third largest producer of wheat.

A leading analyst had earlier estimated wheat exports from Russia to be 478 lakh tonnes in the 2024-25 marketing season, but now it has been reduced to 461 lakh tonnes.

The 2023-24 marketing season ended on June 30 and wheat exports from Russia are expected to rise to a top level of 522 lakh tonnes.