World wheat prices resumed growth after falling to $400 per ton on March 18. The trend has been going on for a week now. Level on March 22 - $419. What is happening reflects a similar dynamic in oil, which went up on statements about Europe's plan to abandon Russian energy resources.
Meanwhile, supplies of wheat from Russia are increasing. By the end of March, exports are expected at the level of 2 million tons, which is more than experts expected. In this regard, prices in the domestic market of the Russian Federation also grew.
- Last week, wheat rose in price by 525-550 rubles / ton, to 15.5-16.15 thousand, - said Andrey Sizov, director of the SovEcon analytical center. - Prices for barley jumped by 1.1 thousand rubles / ton, to 15.1 thousand. There are two reasons - the depreciation of the ruble and high purchase prices of exporters amid increased demand: the average price of wheat in the Black Sea ports reached a record 18.5-19 thousand roubles. per ton. This is 2.11% higher than mid-March.
Meanwhile, India is completing negotiations with Egypt on grain supplies. Recall that the African country is the world's largest importer of wheat. The volume of purchases in 2021 amounted to 6.1 million tons, of which 4.2 million tons came from Russia, and 651 thousand tons from Ukraine. India is ready to replace not only this volume, but also to go much further by starting deliveries to Turkey, Iran, China, Sudan, Nigeria, and Bosnia. The Ministry of Trade and Industry of India announced its readiness to export 10 million tons of wheat in 2022, subject to solving logistical difficulties.