Russian Wheat Prices Seen Cooling as Export Purchases Ease

Russia’s domestic wheat price rose at a slower rate in the past week after traders eased purchases of the grain for export, SovEcon said.

Some international traders suspended purchases, SovEcon said on its website yesterday. Russia did not offer wheat in Egypt’s latest tender on Oct. 3, the Moscow-based researcher said.

Russian milling wheat prices, which include the cost of freight to Novorossiysk port, dropped to a range of 11,000 rubles ($353) to 11,200 rubles a ton last week from a range of 11,200 rubles to 11,400 rubles in the previous week, SovEcon said.

Domestic prices for the exportable variety of milling wheat rose by 125 rubles a ton to 9,750 rubles a ton last week, SovEcon said. They advanced as much as 900 rubles a ton in the week earlier.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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