Russian wheat prices rise amid expectations of slower exports

Russian wheat export prices rose last week, tracking global prices, with analysts expecting a drop in exports due to the New Year holiday.

Dmitry Rylko, head of IKAR consultancy, said Russian wheat with 12.5% ​​protein rose $3 to $237 a tonne on a free-on-board basis at the end of January.

Sovecon consultancy said Russian wheat prices with the same protein content and similar delivery terms were at $233-239 a tonne, compared with $232-238 a week earlier.

Algeria is believed to have bought 1.17 million tonnes of wheat last week, according to Reuters.

Two sources familiar with the matter told Reuters that the state grain buyer Egypt’s Future for Sustainable Development Authority has contracted for about 1.267 million tonnes of wheat, mostly from Russia.