Russian wheat export prices higher supported by demand from Egypt.

Russian wheat export prices have edged higher for a third consecutive week due to persistent concerns over wheat crops in Russia and Ukraine to be harvested this summer. Cold weather in central Russia is delaying crop development. Russia agriculture ministry downgraded its forecast for Russia 2017 grain crop to 100-105 million tonnes from a previous 110 million tonnes due to unfavorable weather. Russian prices have also been supported by demand from Egypt, the largest market for Russian wheat. Egypt state buyer agreed to buy 120,000 tonnes of Russian and 60,000 tonnes of Romanian wheat, for July 1-10 delivery.