MOSCOW: Russian wheat prices rose slightly last week amid weakening of the rouble against the dollar and limited supply offers from the domestic market, analysts said on Monday.
Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports were at $327 per tonne free on board (FOB) at the end of last week, up $2 from a week earlier, IKAR agriculture consultancy said in a note.
Russia kept grain exports steady at 900,000 tonnes last week, fellow consultancy Sovecon said, citing port data. It sees wheat prices for immediate delivery at $324-328 per tonne compared to $318-322 a week ago.
In the domestic market, “the supply of wheat is relatively limited, farmers prefer to sell feed wheat and gradually increase offers,” Sovecon added.
Farmers have sped up winter grain sowing in Russia last week: they have already planted them on 11.6 million hectares compared to 12.3 million hectares around the same date a year ago. The sowing still lags in the central region, Sovecon said.
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