The German agriculture newsletter Agrarheute reported that June 30-July 1 saw a sharp drop in the international prices of wheat and other grains, by 20% or more, after announcements of a very large coming Russian fall harvest, and of negotiations on Black Sea grain transport involving Russian Prime Minister Sergey Lavrov and UN Secretary General Antonio Guterres. Russia’s Agriculture Ministry said, the newsletter reported, that its wheat harvest was expected to be 14% higher than in 2021, and that it could have 41 million metric tons of wheat for export in the 2022-23 season, up 25% in a year. In addition Russia is lowering its export tax on grains—in part due to the strength of the ruble. (https://tass.com/politics/1473469)
Wheat, corn and grain prices are still 15-20% higher than at the start of 2022.
