Russia: wheat prices rise on tight domestic supply


Wheat export prices in Russia last week raised further more. Most of the farmers held on to the commodity in anticipation of further price growth.

Farmers continue to limit wheat sales, mainly milling wheat, waiting for higher prices. Russia's export prices for milling wheat with 11.5 percent protein content rose to 280 USD per tonne on a free-on-board (FOB) basis in deep water ports last week compared with a week earlier. Prices for wheat with 12.5 percent protein content rose to 283 USD per tonne last week in the Black Sea on a FOB basis. In the Azov Sea prices for the same protein content rose to 255 USD per tonne. Wheat exports from Black Sea countries could be modest in November.