The Russian Federation refuses to reduce the price of its wheat

The largest Russian grain traders raised prices for export wheat in deep-sea ports.

Grain exporters in the Russian Federation have raised prices for the purchase of wheat in deep-sea ports to $116.62 per ton. At the same time, the Russians plan to sell grain at 230-240 dollars per ton.

Russian officials said that they are “aware of the results of the latest international tenders”, but “do not plan to supply grain at economically unreasonable prices”.

It should be noted that world prices for wheat have decreased significantly due to expectations of an increase in the harvest in the USA. At the same time, the July wheat contract on the Chicago Stock Exchange (ZWN3) is valued at $226.31 per ton. The September wheat contract on Euronext (EBMN3) is $246.3/t, while the DAP-Port contract on the Danube is $173/t.

Moscow insists that the winners of international tenders did not represent the interests of Russian exporters, so the reasons for pricing are “not clear” to them. At the same time, the Russians are sure that the fulfillment of uncovered tender obligations rests with “international speculators”.