Russian authorities have reconfirmed grain exports via the Azov Sea until 15 November, and have reported that military escort will be provided to the ships. Following Russia and Ukraine's mutual attacks on ports and ships in July, the first freighters have crossed the Kerch Strait.
Russia also began exporting grain for the first time through the Arctic port of Murmansk. The first shipment is 3,400 tons, with an additional 28,000 tons of wheat planned to be loaded for shipment to Casablanca Port, Morocco. The new route aims to reduce the burden on Baltic ports, which carried over 60% of Russia's grain exports by sea in September.
The decline in commodity market prices has also been reflected in the producer market. According to AMI data in Germany, the purchase price of bread wheat fell by 8.80 euros to 199.52 euros per ton, and the price of feed wheat dropped to 196.15 euros per ton. Bread wheat in Renanya-Palatina declined from 201.60 euros per ton to 194.90 euros per ton within a week at the end of October.
In the coming period, prices are expected to depend on the amount of Russian wheat that reaches the world market and the outcome of diplomatic talks between Russia, Ukraine and the United States. Although the possibility of re-establishing grain trade is under discussion at the beginning of November, no concrete agreement has been reached yet; US weekly wheat export data will be closely monitored as an indicator.
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