MOSCOW: Russian export prices for the new wheat crop, which farmers will start harvesting within days, fell last week after a decline in Chicago prices, the global benchmark for the market, and weak demand, analysts said on Monday.
Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $5 to $420 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said, adding that the number of sales was still small.
Sovecon, another consultancy, said that prices for Russian wheat for supply in July were assessed at $403-410 per tonne, unchanged from a week ago.
Russia exported 220,000 tonnes of grain last week compared with 340,000 tonnes a week earlier, Sovecon, said, citing data from ports.
In the domestic market, wheat prices fell as well due to low demand, higher supply and a stronger rouble, Sovecon said.
Spring grains were planted on 28.6 million hectares as of June 10 vs 29.4 million hectares a year ago, the consultancy added.
The weather conditions are worsening for the new crop due to dry weather and hot spell in most parts of Russia’s southern regions, its breadbasket, Sovecon said.
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