Russian wheat down with global benchmarks after rising for six weeks

MOSCOW: Russian wheat fell last week after rising for six weeks as a report that the world’s largest wheat exporter is considering an export quota that would be less restrictive than feared hit prices in Chicago and Paris, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in December was quoted at $337 a tonne free on board (FOB) at the end of last week, down $3 from the previous week, the IKAR consultancy said in a note.

Sovecon, another consultancy, pegged wheat down $3 to $340 a tonne, while barley fell by $1 to $304 a tonne.

Russia is considering setting its grain export quota at 14 million tonnes, including 9 million tonnes of wheat, for Feb. 15-June 30, a source familiar with discussions told Reuters. No final decision has been made.