MOSCOW: Russian wheat export prices fell slightly last week following a decline in wheat in Chicago and Paris amid a record harvest in Russia and active supplies from the Black Sea, analysts said on Monday.
Prices for Russian wheat with 12.5% protein content and for supply from Black Sea ports in late December-early January were at $315 a tonne free on board (FOB) on Friday evening, down $2 from a week earlier, the IKAR agriculture consultancy said in a note.
Russia continues to export wheat relatively fast for this time of the season with 1 million tonnes of grain exported last week, another consultancy Sovecon said, citing port data.
Wheat prices for immediate delivery fell by $1 to $314-318 per tonne, it added.
Russia’s agriculture ministry has already bought 2.21 million tonnes of grain from the domestic market for the state stockpile in the current July-June season, Sovecon added.
The ministry plans to buy up to 3 million tonnes this season.
Farmers have planted winter grains on 17.7 million hectares, compared with 18.4 million hectares around the same date a year earlier, the consultancy said.