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Russian and French Wheat Prices Hit by Egypt's Disappearance

  • Egypt's state grain buyer canceled three tenders this month
  • Wheat spot prices in port of Novorossiysk fall to $179 a ton
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Egypt’s failure to buy wheat is hurting prices for some of its biggest sellers, Russia and France.

In Russia, spot wheat prices on a free-on-board basis fell 1.1 percent last week to $179 a metric ton, bringing prices closer to a five-year low, according to data from the Moscow-based Institute for Agricultural Market Studies. While milling-wheat futures in Paris rebounded in recent days, the March delivery contract is down 11 percent this year.