Russian wheat prices stable

Russian wheat prices held steady on demand from traders, who started buying primarily fourth-grade milling wheat, mainly in the south, SovEcon agricultural analysts said in a weekly note. Average third-grade wheat prices fell by just 50 roubles ($1.83) last week to 5,675 roubles per tonne EXW European Russia, feed wheat by 25 roubles to 5,125 roubles per tonne, fourth-grade was unchanged for the first time since January, it said.
Feed barley fell by 325 roubles to 6,650 roubles per tonne, maize by 100 roubles to 7,600 roubles per tonne. Average grain prices fell in the Central Black Earth region, while they were largely unchanged in the regions along the Volga river. In North Caucasus, where traders were buying wheat, prices rose slightly, SovEcon said.
End-users were still reluctant to buy grain awaiting lower prices, it said. The state grain trader, The United Grain Co, has signed contracts to sell 1.4 million tonnes of feed grain to drought hit regions. It has already received payments for 427,000 tonnes, most of which had been delivered to buyers, it said.