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The Russian Grain Exporters Alliance began releasing indicative export prices for Russian wheat this week. Prior to this, officials from the Ministry of Agriculture held a meeting with major exporters last week to discuss export issues. The alliance stated that the FOB price for exports from the Black Sea port of Novorossiysk in October was $240 per metric ton, $245 per metric ton in November, and $250 per metric ton in December. This data is based on a survey of the member countries of the alliance, which account for 80% of Russia's total grain exports. Alliance Chairman Edward Zerning stated, "Alliance members agree to calculate and provide price guidance to the market based on our understanding of fair export pricing, taking into account factors such as rising production costs, high interest rates, and payment delays." Zerning added that whether to follow the published price guidance will be determined by each exporter. Two sources with direct knowledge of the situation stated last week that the Ministry of Agriculture has requested exporters not to sell wheat below the minimum price of $250 per ton to international buyers through bidding, effectively introducing a price floor. Regularly releasing indicative prices marks the world's largest wheat exporting country's first attempt to establish its own export pricing mechanism. The alliance has previously accused some exporters of selling too much wheat at too low a price. Zelning said, "We are refuting the main argument of those so-called exporters who use ignorance of pricing as a reason for aggressive dumping