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Russian Wheat Prices Down as New Crop Arrives, Export Tax Falls

European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
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Russian Wheat Prices Down as New Crop Arrives, Export Tax Falls

European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)

Russian wheat export prices fell last week due to pressure from the new crop, which farmers have just started harvesting, a reduced export tax and a decline in Chicago prices, analysts said on Monday.

Sanctions-hit Russia reduced its grain exports taxes sharply last week to support shipments in the July-June marketing season, Reuters said.

Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $25 to $375 per ton free on board (FOB) at the end of last week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, said wheat prices for supply in July-August were at $375-385 per ton compared to $390-$400 a week ago.

Russia exported 250,000 tons of grain last week compared with 500,000 tons a week earlier, Sovecon said, citing data from ports.

Russian farmers, mainly in the southern Stavropol region, have started harvesting new crop wheat.

As of June 30, they had harvested from 92,200 hectares versus 117,900 hectares at the same date a year earlier. The average yield was 2.73 tonnes per hectare, up from 2.35 a year earlier.

"This does not look like a great yield but bear in mind that farmers typically harvest the worst fields first which suffered the most during the earlier dryness,"Sovecon said.

Dry weather in most parts of Russia's southern regions is expected to benefit the harvesting this week after rain last week.

Other Russian data provided by Sovecon and IKAR:
Product: Price at the end Change from week of last week: earlier
- Domestic 3rd class 13,425 rbls/t -750 rbls wheat, European part ($243.4) of Russia, excludes delivery (Sovecon)

- Sunflower seeds 27,325 rbls/t -1,125 rbls (Sovecon)

- Domestic sunflower 75,000 rbls/t -4,825 rbls oil (Sovecon)

- Domestic soybeans 36,100 rbls/t -500 rbls (Sovecon)

- Export sunflower $1,560/t -$40 oil (Sovecon)

- Export sunflower $1,390/t -$110 oil (IKAR)

- White sugar, $1,089/t +$83 Russia's south

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Danish Leader Tells the US ‘You Cannot Annex Another Country’ as She Visits Greenland

Denmark's Prime Minister Mette Frederiksen and Greenland's acting head of government Mute Bourup Egede attend a press conference aboard the Danish Navy inspection vessel Vaedderen, in the waters around Nuuk, Greenland, April 3, 2025. (Reuters)
Denmark's Prime Minister Mette Frederiksen and Greenland's acting head of government Mute Bourup Egede attend a press conference aboard the Danish Navy inspection vessel Vaedderen, in the waters around Nuuk, Greenland, April 3, 2025. (Reuters)
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Danish Leader Tells the US ‘You Cannot Annex Another Country’ as She Visits Greenland

Denmark's Prime Minister Mette Frederiksen and Greenland's acting head of government Mute Bourup Egede attend a press conference aboard the Danish Navy inspection vessel Vaedderen, in the waters around Nuuk, Greenland, April 3, 2025. (Reuters)
Denmark's Prime Minister Mette Frederiksen and Greenland's acting head of government Mute Bourup Egede attend a press conference aboard the Danish Navy inspection vessel Vaedderen, in the waters around Nuuk, Greenland, April 3, 2025. (Reuters)

Denmark's prime minister has told the US during a visit to Greenland that “you cannot annex another country,” even with the argument that international security is at stake.

US Secretary of State Marco Rubio, meanwhile, said on Friday that Washington will respect Greenland's self-determination and Copenhagen “should focus on the fact that the Greenlanders don’t want to be a part of Denmark.”

Danish Prime Minister Mette Frederiksen was wrapping up a three-day visit to the strategically critical Arctic island on Friday as US President Donald Trump seeks control of Greenland. He argues that Greenland, a semiautonomous territory belonging to the Kingdom of Denmark, is critical to US security.

A week ago, Vice President JD Vance visited a remote US military base in Greenland and accused Denmark of underinvesting in the territory.

Frederiksen pushed back against the US criticism as she spoke on Thursday alongside Greenland's incoming and outgoing leaders on board a Danish naval ship. She argued that Denmark, a NATO ally, has been a reliable friend.

Speaking in English, she said that “if we let ourselves be divided as allies, then we do our foes a favor. And I will do everything that I can to prevent that from happening.”

“When you ask our businesses to invest in the US, they do. When you ask us to spend more on our defense, we do; and when you ask of us to strengthen security in the Arctic, we are on the same page,” she said.

“But when you demand to take over a part of the Kingdom of Denmark’s territory, when we are met by pressure and by threats from our closest ally, what are we to believe in about the country that we have admired for so many years?”

“This is about the world order that we have built together across the Atlantic over generations: you cannot annex another country, not even with an argument about international security,” Frederiksen said.

The Danish leader said that, if the US wants to strengthen security in the Arctic, “let us do so together.”

Political parties in Greenland, which has been leaning toward eventual independence from Denmark for years, last week agreed to form a broad-based new coalition government in the face of Trump's designs on the territory. Those have angered many in Greenland and Denmark.

In an interview with Newsmax on Thursday, Vance repeated the accusation that Denmark has “really underinvested in the infrastructure and security of Greenland.”

He said Trump's point is that “this matters to our security, this matters to our missile defense, and we're going to protect America's interests come hell or high water.”

Danish Foreign Minister Lars Løkke Rasmussen, who was attending a meeting in Brussels with his NATO counterparts, wrote on social network X that he had an “honest and direct” meeting Thursday with Rubio.

“I made it crystal clear that claims and statements about annexing Greenland are not only unacceptable and disrespectful,” Løkke Rasmussen wrote. “They amount to a violation of international law.”

Rubio told reporters in Brussels Friday that “no one's annexed anything.” He added that Vance has made clear that “he's going to respect the self-determination of Greenlanders.”

“Denmark should focus on the fact that the Greenlanders don’t want to be a part of Denmark," Rubio said.

“We didn’t give them that idea. They’ve been talking about that for a long time,” he said. "Whenever they make that decision, they’ll make that decision.”

“If they make that decision, then the United States would stand ready, potentially, to step in and say, okay, we can create a partnership with you," Rubio said, adding that "we’re not at that stage.”