Russian wheat prices fall with rising harvest pressure

MOSCOW: Russian wheat export prices fell last week under pressure from the arrival of the new crop, analysts said on Monday, adding that exports remained sluggish.

Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports fell by $10 to $315 a tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy said in a note.

Russia exported 660,000 tonnes of grain last week, compared with 850,000 tonnes the previous week, fellow consultancy Sovecon said, citing port data. It expects the shipments to accelerate in coming weeks.