Russia's domestic wheat prices rise on weak rouble

Russia's domestic wheat prices rose for the third week in a row due to a weak rouble and despite stalled demand from exporters, SovEcon agriculture consultancy said on Tuesday. Domestic wheat prices in Russia, a large wheat exporter to North Africa and the Middle East, have been climbing despite state curbs on exports aimed at constraining food prices.
At the end of last week, prices for third-class wheat were up 100 roubles compared with a week earlier at 10,850 roubles per tonne in the European part of Russia on an ex-works basis, according to SovEcon. "The growth looks less and less reasonable as most processing companies should already start to replenish their stock while the number of offers from farmers continue to rise nearing spring sowing campaign," SovEcon said in a note.