Russian wheat export prices hit by competitive global market

MOSCOW: Russian wheat export prices declined last week in the face of competitive offers from other global exporters.

Dmitry Rylko, head of the IKAR consultancy, said the price of Russian wheat with 12.5% protein for free-on-board (FOB) delivery in the first part of February was $234 a metric ton, down $3 from the previous week.

The price of Russian wheat was affected by the entry of more price-competitive wheat from Argentina and Australia, he said.

The Sovecon consultancy put prices for Russian wheat with the same protein content and delivery terms at between $237 and $240 a ton, compared with $235 to $240 the previous week.