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Russian wheat rises with Paris prices, demand from Egypt

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

Egypt’s state grains buyer, GASC bought 180,000 tonnes of Russian wheat in its tender last week for shipment in December. It held another large tender, in which the Russian wheat won a half of the purchase, on Oct. 27.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in the second half of November was $326 a tonne free on board (FOB) at the end of last week, up $2 from the previous week, the IKAR consultancy said. 0#IKAR

Sovecon, another consultancy, pegged wheat up $2 to $327 a tonne while barley rose by $8 at $293 a tonne.

Russian wheat exports are down by 32% since the start of the 2021/22 marketing season on July 1, due to lower crop and the state export tax, which will continue to rise this week and will reach $69.9 per tonne.

The weather remains favourable for development of winter grains sowed for the next year’s crop in the majority of Russia’s regions thanks to earlier or current healthy rains, Sovecon said.
Source: Reuters (Reporting by Olga Popova and Polina Devitt; Editing by Edmund Blair)

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