World prices for wheat continue to rise, while prices for corn are decreasing. Russia is preparing to sell wheat from the intervention fund.

During the past week, from July 26 to August 2, international wheat prices continued to rise. The cost of the following types of wheat increased:

• soft red winter wheat on the Chicago Mercantile Exchange (CBOT, ZW) reached 539.00 cents per bushel (+2.96%);
• hard red winter wheat on the Kansas City Board of Trade (KCBT, KE) reached 559.75 cents per bushel (+2.61%);
• hard red spring wheat on the Minneapolis Grain Exchange (MGE, MWE) reached 595.00 cents per bushel (+1.10%);

The contract price for corn on the Chicago Mercantile Exchange (CBOT, ZC) decreased to 386.50 cents per bushel (-2.03%). The price of rice on the Chicago Mercantile Exchange (CBOT, ZR) decreased to $14.94 per hundredweight (-1.90%).

Indicative prices for Russian products (FOB Black Sea):

• wheat decreased to $215.50 per ton (-0.92%);
• barley increased to $178.30 per ton (+0.34%);
• corn increased to $205.60 per ton (+9.59%);

The Russian wheat index, CPT Novorossiysk, reached 16275 rubles per ton (+3.82%).

As of August 1, Russia harvested 64 million tons of grain. Harvesting began in 55 regions and is going faster than last year, with 40% of grain and leguminous crops already harvested.

The Russian government has approved the sale of up to 500,000 tons of wheat from the federal intervention fund in 2024. This decision was made to stabilize the food market situation. Wheat purchased through intervention purchases in 2014-2016 and 2022-2024 will be sold on the domestic market through exchange auctions at a price not lower than the minimum selling price and not lower than the purchase price.

ProZerno forecasts grain collection in Russia at 128...