Russian deep sea wheat soars to $228.25/mt, a 41-month high, despite weak demand.

Russian FOB deep sea port 12.5% protein wheat surged to a 41-month high at $228.25/mt as assessed by S&P Global Platts Tuesday despite demand faltering from regular Russian wheat importers. Russian wheat has now risen by $11.75 on the week as farmers continue to sit on higher quality protein wheat on an expected shortage due to months of drought and hot weather. However, demand from big buyers has been absent, due to the higher prices, leaving some in the market to question how long the firm rally can continue.