Russian wheat prices rise with global benchmarks
- The rouble is trading close to a six-month low against the dollar.
MOSCOW: Russian wheat export prices rose last week in response to higher Chicago prices, the IKAR consultancy said on Monday.
Russian wheat with 12.5pc protein loading from Black Sea ports and for supply in October was at $237 a tonne free on board (FOB) at the end of last week, up $4 from the previous week, agriculture consultancy IKAR said in a note.
Sovecon, another Moscow consultancy, said barley rose $3 to $197 a tonne.
The rouble is trading close to a six-month low against the dollar.
A rise in domestic prices for wheat slowed last week following weaker demand from exporters. Domestic supply is limited as farmers prefer to sell barley or sunflower seeds, Sovecon added.
Russia's winter wheat sowing regions were mostly dry last week. Rains arrived in parts of southern and central regions but were not enough to replenish moisture reserves in soil.
This week is expected to be dry again, except in parts of southern regions, such as Stavropol and Krasnodar.
"Farmers need to get at least 10-15 mm of precipitation in the centre and the south within the next few weeks or yield potential will suffer badly," Sovecon said.
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