MOSCOW: Russian wheat prices fell for a third consecutive week last week, tracking lower prices in Chicago and Paris and after only a small reduction in Russia’s upcoming grain export quota, analysts said on Monday.

Russia plans to set its wheat export quota at 8 million tonnes for Feb. 15 to June 30, 2022, the country’s economy ministry said on Friday, marking a 1 million tonne reduction from a previously planned level.

Russian wheat with 12.5% protein loading from Black Sea ports for supply in late December or early January was quoted at $329 a tonne free on board (FOB) at the end of last week, down $5 from the previous week, the IKAR consultancy said.

Sovecon, another consultancy, pegged wheat down $3 to $335 a tonne, while barley fell by $5 to $299 a tonne.

Russian wheat exports are down by 37.5% since the start of the 2021/22 marketing season on July 1, due to a smaller crop and an export tax, which will rise to $94.0 per tonne this week.