Platts MWM forecasts an initial drop in prices, but concerns remain about the quality and supply of wheat.

On August 5, the price of wheat Platts Milling Wheat Marker fell to $238 per tonne, which is 1.24% less than on July 24. This is the first decline since the beginning of the new marketing year in July. This drop was primarily driven by a decrease in demand; however, according to traders, concerns about quality and supplies in Russia and Ukraine may limit a significant decline in the short term. Launched in June, the MWM is calculated based on the most competitive end-of-day price in the largest wheat export region – the Black Sea region. It includes Russian wheat with a protein content of 12.5%, Ukrainian wheat with a protein content of 11.5%, and CVB wheat with a protein content of 12.5% FOB. Since the official start of wheat harvesting in July, the price of MWM has been comparable to Russian wheat with a protein content of 12.5%. Russian sellers cite low stocks, delays in harvesting, and low yields in southern Russia as key factors preventing further declines. "Logistics are a ...