Russian wheat export prices fall

MOSCOW: Russian wheat export prices fell sharply last week due to a weakening of the rouble and still limited demand on global markets, analysts said on Monday.

Moscow aims to reduce wheat exports to help curb rising domestic food prices and plans to switch to a more complicated formula-based regime in the summer.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in March was at $286 a tonne free on board (FOB) at the end of last week, down $7 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another Moscow consultancy, said wheat prices fell by $10 to $285, while barley rose by $1 to $248.