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Russian wheat prices rise with global benchmarks, export demand

Russian wheat export prices gained further last week, amid higher prices for wheat in Chicago Wv1 and Paris BL2Z1 and demand from Egypt, the world’s largest wheat importer, analysts said on Monday.

Wheat export prices in Russia, the world’s largest exporter, have been rising for four months on a weekly basis except one week in October when they took a brief pause. Chicago futures, a global benchmark for this market, are close to the highest since 2013 on Monday amid supply woes.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in the first half of November was $317 a tonne free on board (FOB) at the end of last week, up $5 from the previous week, the IKAR consultancy said. Prices for supply in the second half of November are at $324, it added. 0#IKAR

Sovecon, another consultancy, pegged wheat up $9 to $325 a tonne while barley rose by $12 at $285 a tonne.

GASC, Egypt’s state wheat buyer, purchased 360,000 tonnes at its tender last week at the FOB price of $327-328.7 per tonne. A half of the purchase will come from Russia in December.

Russian wheat exports are down by 31.5% since the start of the 2021/22 marketing season on July 1, partly because of the state export tax, which will continue to rise next week and will reach $69.9 per tonne.
Source: Reuters (Reporting by Polina Devitt; Editing by Rashmi Aich)

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