Russian Wheat Export Prices Remain Unchanged Amid Black Sea Tensions
Investing.com reported that the price of Russian new‑crop wheat with 12.5 % protein content for free‑on‑board (FOB) delivery in the second half of August stayed at $235 per tonne at the end of last week, identical to the level recorded the week before. The figure was provided by Dmitry Rylko, head of consultancy IKAR.
Market dynamics: Freight costs remained elevated, which dampened demand and contributed to a decline in global wheat prices. Despite these pressures, the Russian export price did not move. Andrei Sizov, head of Sovecon, observed that wheat futures had risen for most of the week before falling sharply on Friday on rumors that Black Sea shipping tensions might ease. He described the market reaction as excessive and cautioned that the probability of shipping returning to normal conditions is lower than the price movement on Friday suggested.
Shipping disruptions: Russia temporarily halted vessel traffic through the Don‑Azov Channel on 10 July after a Ukrainian attack on Russian vessels; the channel links the Don River with the Sea of Azov. Additionally, a temporary ban on vessel movements at the port of Novorossiysk was imposed between midnight and 5 a.m., also in response to Ukrainian drone attacks, according to three grain‑industry sources.
Rumors and confirmations: Late last week, market speculation surfaced that some of the Black Sea restrictions might be relaxed, but no official confirmation was provided.
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