Russian wheat prices down

MOSCOW: Russian export prices for the new wheat crop, which farmers will start harvesting within days, fell last week due to good crop prospects and after a decline in Chicago and Paris prices, analysts said on Monday.

Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $20 to $400 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said. Sovecon, another consultancy, said prices for Russian wheat for supply in July-August were assessed at $390-$400 per tonne compared to $403-$410 a week ago. Russia exported 500,000 tonnes of grain last week compared with 220,000 tonnes a week earlier, Sovecon, said, citing data from ports.