Russian wheat prices fall after 4 weeks of growth
- SovEcon, another Moscow consultancy, said wheat declined by $2 to $253 per tonne, while barley prices rose by $1 to $211 per tonne.
- "We expect Russian wheat to decline short term as it needs to restore its competitive edge," SovEcon analysts said.
MOSCOW: Russian wheat export prices fell last week after four weeks of growth, mainly due to a sharp sell-off in Chicago and Paris, and as demand declined amid uncertainty over the impact of the COVID-19 pandemic, analysts said on Monday.
Agriculture consultancy IKAR said in a note that Russian wheat with 12.5% protein loading from the Black Sea port of Novorossiisk was at $251 a tonne free on board (FOB) at the end of last week, down $6 from the previous week.
SovEcon, another Moscow consultancy, said wheat declined by $2 to $253 per tonne, while barley prices rose by $1 to $211 per tonne.
"We expect Russian wheat to decline short term as it needs to restore its competitive edge," SovEcon analysts said.
The weather last week had been slightly unfavourable for the new harvest in most grain regions, SovEcon said, but the situation may improve this week with rain forecast and the temperature staying above the norm, giving plants additional time to develop before winter.
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