According to news from Moscow on March 12, analysts said on Monday that the export prices of Russian wheat (2632, -18.00, -0.68%) fell slightly last week, after Egypt's tender to buy US wheat, and the competitiveness of neighboring Kazakhstan increased.

The Russian Agricultural Market Research Institute (IKAR) stated that at the Novorossiysk port, the Russian wheat price with a protein content of 12.5% ​​was slightly softened to US$283 per ton, which was previously reported at US$283 and the FOB benchmark.

SovEcon analysts said in a weekly market review that last week's purchase price of Russian Grade IV deep-sea ports fell to 8,000-8,200 rubles (US$270-280) per ton, compared with 8,200-8 in the previous week. 400 roubles (280-290 US dollars).

SovEcon said: "If the ruble is still at the current level against the US dollar, Russian wheat prices will need to fall at least 400-600 rubles before they can compete with the US wheat again."

The world’s largest wheat importer, the Egyptian government agency, said last week that it has bought 60,000 tons of US soft red winter wheat on the basis of the FOB benchmark, which is scheduled for April 21-30.

Iran’s state-owned grain center, Iran’s government trading company (GTC), bought at least 300,000 tons of wheat last week, most of which are in Russia and Kazakhstan.

IKAR said that as of the beginning of March, Russia had exported a record 21.5 million tons of grain (including beans), of which wheat exports were 17.2 million tons.

CBOT May wheat futures fell 0.23% to US$6.41-3/4 per bushel on Monday, weighed down by favourable weather conditions in the Hard Red Winter wheat plantations in the Great Plains.

The most active May wheat contract in Western Europe was reported at 208.75 euros per tonne.

According to SovEcon, in some parts of Russia in Europe, the average domestic price of the three-grade wheat flour has risen by 25 roubles to 6,750 roubles (230 US dollars) per tonne. The fourth-grade wheat was unchanged at 6,700 rubles ($230) per tonne last week.