Russia could cut wheat exports to 4.4-4.8 mln tonnes in October - Rusagrotrans

MOSCOW. Sept 30 (Interfax) - Russia could export 4.4-4.8 million tonnes of wheat in October, JSC Rusagrotrans analytical center said.

"The preliminary estimate for exports is around 4.4-4.8 million tonnes in October 2024, which is lower than last year's 5.1 million tonnes owing to a decline in sales on the part of Russian exporters amid the lack of growth in prices on the foreign market," Rusagrotrans told Interfax.

Rusagrotrans has reduced the forecast for wheat exports from 5.47 million tonnes to 5.35 million tonnes in September, including the Eurasian Economic Union (EAEU) countries, owing to a decrease in the rate of shipments in the second half of the month.

Rusagrotrans data indicate that export prices for Russian wheat of 12.5% protein are $215-$217 per tonne free on board (FOB) for October delivery, which is $0.5 lower than the previous week. Prices remain above $220 per tonne for November delivery. The price of French wheat rose $3 to $249 per tonne, U.S. wheat increased $11 to $259 per tonne, and German wheat rose $5 to $257 per tonne.

"The wheat exchange market has strengthened, though U.S. prices on Thursday began to decline amid weak weekly data on U.S. wheat sales," Rusagrotrans said.