Russia wheat prices recover slightly.

Russian milling wheat prices with 12.5% protein content increased by around $3 per tonne compared to last week. The rise in prices was due to strong rouble. Russia is expected to produce 80-82 MMT of wheat this year compared to 72 MMT last year. As of now Russian milling wheat with 12.5% protein content at Novorossiysk port is being quoted at FoB $181-185/tonne whereas milling wheat with 11.5% protein content is being quoted at FoB $169-174/tonne.