Exporters revised Black Sea wheat prices downwards — Agritel

Despite the significant rise in wheat prices on Euronext on Monday, June 29, yesterday exporters revised significantly downwards their offers on the Black Sea, Agritel writes.

Wheat FOB prices were losing between 3 and 4 $/t depending on origin and quality. Wheat 12.5% FOB Novorossiysk is now below 200 $/t at 197 $/t.

"The bases in relation to wheat Euronext remain particularly high at the start of this campaign compared to previous years," the Agritel analysts noted.

While the harvest is progressing in southern Russia and Ukraine, recent yield results are showing improvement, the report reads.

"So, the harvest pressure could be felt in the days and weeks to come in the Black Sea basin," specialists added.

As of June 26, wheat export from Ukraine totalled 20.4 mln t, 31% or 4.83 mln t more y-o-y. Since the start of 2019/20, grain export shipment from Ukraine has reached 56.2 mln t.