Analysts: Russia is gradually resuming wheat exports from its ports on the Black Sea

Analysts said on Monday that Russia has gradually begun to resume wheat exports from its Black Sea ports, although shipping traffic in the Sea of ​​Azov is still restricted.

Russia began invading Ukraine on February 24 in what it describes as a “special military operation”.

The price of Russian wheat is still very volatile, noting that the price of wheat, which has a protein content of 12.5 percent, for free on board (FOB) reached $415 per ton from Black Sea ports on March 11.

Sofcon, another consultancy, reported that Russian ports on the Black Sea loaded 400,000 tons of wheat last week and that ships were coming in and out of ports there.

Sofcon said farmers in the local market have started refusing to pre-sign contracts amid strong demand from local exporters and buyers.

Russia’s recent decision to suspend grain exports to some countries in the former Soviet Union has yet to be approved, but Sovkon said market players had already reported unofficial restrictions on grain supplies via rail lines from Siberia to Kazakhstan.