MOSCOW: Russian wheat export prices fell last week as the rouble weakened against the dollar, taking a hit from fears related to a stand-off between Moscow and the West over Ukraine, analysts said on Monday.

The West fears Russia may invade its neighbour. Russia denies planning an attack, but says it could take unspecified military action if a list of demands are not met.

Russian stocks fell and wheat prices in Chicago rose last week amid these tensions.

Russian wheat with 12.5% protein content loading from Black Sea ports for supply in February stood at $326 a tonne free on board (FOB), down $2 from the previous week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, pegged wheat down $1 at $331 per tonne, with barley stable at $295 a tonne.

Russian wheat exports are down by 40% since the start of the 2021/22 marketing season on July 1 owing to a smaller crop and an export tax that had been set at $95.8 per tonne for Jan. 26 to Feb. 1.

The weather remains favourable for the 2022 crop, with healthy precipitation in the majority of winter wheat-producing regions last week, Sovecon said.

It kept its forecast for Russia’s 2022 grain crop unchanged at 81.3 million tonnes, up from 75.9 million tonnes in 2021.