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The Mintec Benchmark Prices (MBPs) for Russian wheat rose by 23.3% to RUB 17,400/MT (USD 241.9/MT) from mid-July to 8th October 2021. The current prices are at record levels, supported by estimation of declining output in 2021/22 due to adverse weather conditions in the Urals and Volga and high wheat export duty, as well as the strengthening of the Russian ruble.
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