Russian wheat export prices up

MOSCOW: Russian wheat export prices rose last week as some farmers decided not to sell and wait for higher prices amid fairly strong demand from exporters.

At the same time, analysts believe that export volumes in August will almost double compared to July, since more than half of the harvest of the new crop is complete.

The price for Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in early September was $239 per metric ton at the end of last week, up $3 from the previous week, said Dmitry Rylko, head of IKAR consultancy. According to Rylko, the price increase is due to the reluctance of farmers, primarily in southern regions, who have almost completed the wheat harvest, to sell at current prices.