Russian wheat for only €86

RUSSIAN wheat is priced at just over €86 at ports from where it is being shipped to Italy for a delivered price of €103.64 per tonne, according to grain industry sources.

Traders say cheap wheat and maize continue to seep into EU markets despite the recent re-introduction of import levies.

Ukraine has exported 9.3 million tonnes of grain so far in the 2008/09 season, and traders expect that to rise as high as 23m tonnes, compared to about 4m tonnes in 2007/08.