MOSCOW: Russian wheat export prices rose for the third consecutive week last week as Chicago wheat prices increased, analysts said on Monday.
Chicago prices were trading close to a six-year high on Monday as dry weather in several leading exporting countries, including Russia, raised concerns about supplies. However, rains over the weekend improved the situation in Russia slightly. Russian wheat with 12.5% protein loading from Black Sea ports and for supply in October was at $251 a tonne free on board (FOB) at the end of last week, up $6 from the previous week, agriculture consultancy IKAR said in a note.
Sovecon, another Moscow consultancy, said wheat rose by $9 to $248 per tonne, while barley rose by $4 to $207 a tonne.
Sovecon also said that domestic consumers of Russian wheat were becoming increasingly concerned about prices after wheat hit record highs last week in rouble terms amid a weak Russian currency and high export prices.
The Russian association of poultry producers asked the agriculture ministry last week to regulate grain prices or provide additional subsidies. The ministry has previously said that Russia would set a grain export quota for January-June 2021.
Sovecon also said that it raised its forecast for Russia's 2020 grain crop by 2.4 million tonnes to 132.9 million tonnes. It raised its estimate for wheat by 1.1 million tonnes to 84.4 million tonnes.
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