The agreement to allow Ukraine to safely export its grain across the Black Sea was extended last week by two months.
Agricultural consulting firm Ekar said prices of Russian wheat, which contains 12.5 percent protein FOB from the Black Sea in June, were $242 per ton, 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, head 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 dollars), up from 15,000 rubles (187 dollars), which should lead to a reduction in the fees themselves.
Russia-focused agricultural consultancy Sofcon estimates total Russian wheat exports in May at 3.8 million tons, up from 1.2 million in May 2022 and 1.5 million on average.
Citing port data, Sofcon wrote in its weekly note that Russia exported 1.21 million tons of grain last week, compared with 0.76 million in the previous week, including 1.07 million tons of wheat, up from 0.68 million in the previous week.
Sofkon said weather conditions in Russia are still generally favorable for the new harvest.
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