Russian wheat prices fall

MOSCOW: Russian wheat prices fell last week amid stagnant export demand, IKAR agriculture consultancy said in a note on Monday.

Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports were at $323 per tonne free on board (FOB) at the end of last week, down $4 from a week earlier, IKAR said.

Russia kept grain exports steady at 910,000 tonnes last week, fellow consultancy Sovecon said, citing port data.

Farmers have already planted winter grains on 13.8 million hectares compared to 14.6 million hectares around the same date a year ago, Sovecon said.

It expects Russia’s central regions to cut the winter grains area substantially this year due to recent heavy rains.