Russian wheat export prices fall

MOSCOW, Oct 29 (Reuters): Russian wheat export prices fell last week due to intensified competition with US wheat for supplies to Egypt, the world's largest importer and the top buyer of Russian wheat, analysts said on Monday.

Chicago wheat prices, the global benchmark, had been falling last week until Friday when they jumped as US wheat became one of the winning origins - for the first time in many months - at a tender of GASC, Egypt's state buyer.

Black Sea prices for Russian wheat with 12.5 per cent protein content and for delivery in November were $224 per tonne on a free on board (FOB) basis at the end of last week, down $7 from a week earlier, Russian agricultural consultancy IKAR said in a note on Monday.

SovEcon, another Moscow-based consultancy, quoted FOB wheat down $1 at $229 per tonne, with barley prices up $1 at $235 per tonne.

Russian agriculture minister Dmitry Patrushev raised the country's 2018/19 wheat export estimate at his Friday meeting with major traders, who interpreted it as a sign that risks of export curbs were easing.

Egypt's GASC bought 350,000 tonnes of Russian wheat, 60,000 tonnes of Ukrainian wheat and 60,000 tonnes of US wheat for delivery on Dec. 11-20.