Export prices for milling wheat from the Russian Federation decreased by 7 percent in February 2024 compared to the previous month and were down by 26 percent year-on-year, supported by the ample harvest. In Ukraine, the export prices of milling wheat (offer, f.o.b.) decreased moderately, month-on-month, in February as exports via the Black Sea Corridor continued. In Kazakhstan, following sharp month-on-month declines between November and December 2023, the export price of milling wheat remained stable for a second consecutive month in February 2024, and was down by 5 percent compared to the previous year’s level.

Across the subregion, domestic wheat flour prices were generally stable or decreasing in January and February 2024. In Armenia, the national average retail price of wheat flour was stable month-on-month, in January, and remained below year-earlier values as large import volumes in 2023 continue to bolster domestic availabilities. In Belarus, the national average retail price of wheat flour increased for a third consecutive month, in January, following a period of relative price stability between May and October 2023.  Prices were up by 7 percent year‑on‑year, reflecting an overall increase in transport and production costs. In the Republic of Moldova, the national average retail price of wheat flour sustained their declining trend, which began in August 2023 and were about 9 percent below the previous year’s level, due to improved supplies from higher domestic wheat production and an increase in wheat flour imports from Ukraine. In Georgia, the national average retail price of wheat flour was steady, month-on-month, in February and down by 6 percent year-on‑year, supported by higher imports in 2023. In Kazakhstan, the national average retail price for wheat flour decreased for a second consecutive month in January and were close to levels observed in October 2023. Prices were overall slightly below their year-earlier level, owing to weak demand and strong competition from the Russian Federation. In Kyrgyzstan, the national average retail price of wheat flour has been mostly unchanged between November 2023 and February 2024, and were close to the previous year’s level.