The agreement allowing Ukraine to safely export its grain across the Black Sea was extended last week for two months.
Agricultural consultancy Ekar said prices for Russian wheat, which contains 12.5% FOB Black Sea protein, were $242 a tonne in June, down $6 from the previous week.
“The market is still waiting for a decision on export duties. Yes, there was a statement from the Ministry of Agriculture, but I would still like to see the formula,” said Dmitry Rylko, director of ICAR .
Last week, the ministry confirmed its intention to raise the minimum price for calculating export duties from June 1 to 17,000 rubles (about $212), from 15,000 rubles ($187), which should lead to a reduction in the costs themselves.
Russia-focused agricultural consultancy Sofcon estimates total Russian wheat exports in May at 3.8 million tonnes, down from 1.2 million in May 2022 and an average of 1.5 million.
Citing port data, Sofcon wrote in its weekly note that Russia exported 1.21 million tonnes of grain last week, down from 0.76 million the previous week, including 1.07 million tonnes of wheat, down from 0 .68 million the previous week.
Sofkon said weather conditions in Russia are still generally favorable for the new crop.
Read the Latest World News Today on The Eastern Herald.
