Russian wheat prices rose for the fifth year in a row last week due to strong demand from importers, analysts said on Monday.
Russia sold around 250,000 tons of wheat to Algeria last week. This market is traditionally dominated by France and Russia, the world's largest wheat exporter, has been campaigning for access for years. Delivery is due in December. Russian wheat with 12.5% protein from Black Sea ports for delivery in the first half of December cost US $ 334 per tonne of FOB late last week, US $ 6 more than the previous week, the consulting firm ICAR said.
Another consulting firm, Sovecon, increased wheat by $ 5 to $ 337 per tonne while barley rose by $ 8 to $ 304 per tonne.
Russian wheat exports have declined 34% since the start of the 2021/22 marketing season on July 1 due to a smaller crop and export tax, which will rise to $ 78.3 per ton this week.
The weather remains neutral for the 2022 crop, with temperatures expected to be close to or higher than average levels this week in major winter cereal regions, Sovecon said.
Source
Hansa Terminhandel GmbH