Russian wheatoffered at international auctions, will not be cheaper than $250/ton. The press reported that the Ministry of Agriculture of Russia in a closed meeting with the Union of Grain Exporters has suggested that Russian exporters and farmers stop selling wheat to price below $250/tonne free on board (FOB) (€230/tonne), Latifundist reported.
13 countries were named (Egypt, Tunisia, Algeria, Morocco, Jordan, Saudi Arabia, Bangladesh, Qatar, Kuwait, South Korea, Pakistan, India and Iraq) to which Russia intends to supply grain without the involvement of foreign intermediaries.
“This ruling applies to all transactions made after October 11, 2024 and applies to the countries listed above. Deals concluded before that date will be fully implemented,” explained the Chairman of the Board of Directors of the Union of Grain Exporters Edward Zernin.
In addition, the export duty on Russian wheat was increased by 41% after the meeting and by 14% in the following week. Thus, from October 23, it will be 2131.2 rubles per ton, which is equal to a little over BGN 40.
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