Grain prices made further advances in November

International wheat prices increased again in November, marking a fifth consecutive monthly increase, as strong demand amid tighter supplies, especially of higher quality wheat, among the major exporters continued to provide support. Black Sea quotations led the increase, up at least 7 percent month on month, reflecting the uncertainty regarding potential changes to export measures by the Russian Federation and strong export pace from Ukraine.

Tighter supplies in the United States of America boosted the benchmark US (No. 2, HRW) export price up by nearly 7 percent, while European Union (France, grade 1) origin prices, up by more than 5 percent month on month, were supported by a rapid pace of sales. Seasonal supplies from the ongoing harvests capped the monthly increases of Argentina (Trigo Pan, Up River, f.o.b.) and Australia (Eastern States, ASW) export prices at 4 and 2 percent, respectively.

Sources: International Grains Council; APK-Inform Agency.