05/07/2023

On the 27th week, freight rates continue to go up in the Azov-Black Sea region. Contracts for a shipment of 3,000 tons of wheat from Azov to Marmara Sea ports are concluded at the level of USD 36 per ton. There is a trend of further growth of rates due to the beginning of the new grain season. It is important to recall that from July 1st, there is no more need to have a quota for grain shipments for export. In addition, increased activity is due to  the end of holidays in Muslim countries, including Turkey. At the same time, it is worth noting that for the first time in a long time, the export fee on wheat exports increased, rising to 2609.6 rubles against 2473.3 rubles a week earlier. The export fee on barley will be zero for the fifth week in a row, on corn the tax has dropped to 932.7 rubles per ton. In addition, the increase in demand for Russian grain may also be related to the grain deal, as the Russian side is increasingly talking about the impossibility of its extension in its current format after July 17.