Russian old crop wheat prices continued falling last week

The market is witnessing a situation typical for the inter-season period: interest in the old crop is in decline, while the new crop gains more demand, UkrAgroConsult reports.

Old-crop price continues falling (-USD 2/MT on the week), no new demand is seen due to exhaustion of the grain export quota.

Purchase prices in deep-water ports did not change, while those in smaller ports lost RUB 400-700/MT.

New-crop price grew as Russia’s Ag Ministry had cut its grain crop forecast to 120 MMT because of a yield decline in the Southern district.

On May 19, Jordan held a tender to purchase 120 KMT of wheat, but it ended to no avail because of high bid prices.

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