Russian wheat export prices rise

MOSCOW: Export prices for Russian wheat rose last week, helped by a continuing drop in shipments owing to stormy weather in ports, analysts said.

The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in January was $235 per metric ton last week, up $5 from the previous week, the IKAR agriculture consultancy reported.

The Sovecon agriculture consultancy pegged the same class of wheat at $234-239 a ton FOB last week.

“News about Black Sea storms damaging or even destroying ships in the region also could have provided some support. However, bear in mind that we are approaching a season of stormy weather, so it’s not something extraordinary,” Sovecon said in a weekly report.