Russian wheat exports will decrease by 68% in July compared to last year, while prices continue to decline.

It is forecasted that Russian wheat exports in July will decrease significantly compared to the same period last year. It is expected that the export volume will be around 2.5 million tons, compared to 4.2 million tons a year earlier (-68%). This information was provided by the analytical center of Rusagrotrans, as reported by the Interfax news agency.

Earlier, the analytical center predicted exports in July to be at 2.8 million tons. The reduction in the forecast is due to the low export rates in the first decade of July (approximately 700 thousand tons). This is the lowest figure since July 2021 and 2022 (2.25 and 2.23 million tons respectively)," experts explained.

It is also worth noting that export prices for Russian wheat with a protein content of 12.5%, delivered in July-August, continue to decline and have reached $219 per ton (FOB). Over the past week, the price has decreased by $3 per ton.

Prices for 4th grade wheat with a protein content of 12.5% at deep-water approach ports have also decreased and amount to 15,500 rubles per ton without value-added tax (VAT). This is a decrease of 1,000 rubles compared to the previous week. Last year at this time, prices were 15,900 rubles per ton.

Prices for 4th grade wheat with a protein content of 12.5% in the domestic market are also weakening. In the southern regions, prices have decreased to 13,200-13,500 rubles per ton (-700 rubles), in the Volga region to 12,900-13,000 rubles per ton (-500 rubles), in Central Russia to 14,500-14,600 rubles per ton (-200 rubles). In Siberia, prices for 4th grade wheat remain in the range of 11,800 to 12,700 rubles per ton (EPK elevator)," the statement said.