Russian Grains Market: 15–19 December 2025 Russia’s grain markets remained stable and bearish, with weak domestic and export demand limiting price gains. Trade activity was slow, and a strong ruble prompted the government to maintain export duties. Global wheat supply remains ample, and international tenders were subdued, making it increasingly difficult for Russia to compete internationally even at low duty levels. Ukraine’s Black Sea infrastructure sustained further damage, adding geopolitical tension ahead of the holiday period. The Ministry of Agriculture reported harvest completion at 97.5 percent, producing 147 MMT in bunker weight. Standard-condition output is estimated at 137 MMT, including 90 MMT of wheat. Earlier...