Russian wheat prices up with global benchmarks

MOSCOW, Sept 26 (Reuters): Russian wheat prices rose last week, tracking gains in Chicago and Paris, inflated by concern over Black Sea supplies because of the Russia-Ukraine conflict, analysts said on Monday.

Russian prices for wheat with 12.5 per cent protein content and for supply from Black Sea ports rose by $8 to $325 per tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy said in a note.

Russia exported 900,000 tonnes of grain last week compared with 1 million tonnes the previous week as a lower wheat export tax continues to support traders' margins, fellow consultancy Sovecon said, citing port data.

Sovecon sees wheat for immediate delivery at $315-319 per tonne, up from $310-314 per tonne a week ago. Some farmers report insufficient storage capacity, first of all in the Volga region, which is starting to harvest its huge sunflower crop, it added.