Russian wheat export prices declined last week as global grain futures responded to expectations of potential Black Sea peace negotiations, according to market analysts.
Consultancy IKAR reported that by the end of last week, export prices for wheat with 12.5% protein content from Russian ports Vysotsk and Ust-Luga stood at $264 per metric ton free on board for December delivery, down $3 from the prior week.
Sovecon estimated wheat of the same grade shipped via the Baltic Sea at $270 per ton, a decrease of $5 compared to the previous week.
“Grain futures and FOB prices tumbled this week on Black Sea peace headlines. We believe the optimism is premature,” said Andrey Sizov, head of Sovecon.
Russian President Vladimir Putin told US presidential envoy Steve Witkoff last week that Moscow was prepared to resume trilateral talks with Kyiv and Washington “in the first ten days of November.”
Russia has increased shipments through alternative routes, though export flows continue to face disruptions. Shipments through ports in the Azov-Black Sea basin have been largely halted since mid-August following attacks on vessels and terminal damage, as Ukraine and Russia target each other’s infrastructure. Most shipments are now being redirected to Baltic terminals.
