Russian wheat export prices rise on global concerns

MOSCOW: Russian wheat export prices rose last week amid global concerns about unfavourable weather in key exporting countries, including Russia, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in August was $248 a tonne free on board (FOB) at the end of last week, up $7 from the previous week, the IKAR agriculture consultancy said in a note.

Another consultancy, Sovecon, recorded a $6 rise to $245 per tonne of wheat. Barley was up $2 at $214, it said.

Domestic prices for wheat rose sharply as well due to lower export tax, which Moscow sets each week, and some traders searching for grain urgently amid approaching vessels, Sovecon said.