Russian wheat prices decline after month-long slide

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Russian wheat export prices registered a fourth consecutive weekly last week, dragged down by competition with other major exporters, but the pace of the fall has slowed, SovEcon consultancy said on Monday.
Global commodities are under pressure from risks related to the outbreak. But the prospects for the 2020 Black Sea crop look good so far with 83-87 million tonnes of wheat expected in Russia, higher than for 2019, and 26-28 million tonnes expected in , roughly flat year-on-year, SovEcon added.
Russian wheat with a 12.5% protein content, loaded from Black Sea ports, fell by $2 to $218 a tonne free on board (FOB) at the end of last week, SovEcon said. Barley was down by $2 to $190 a tonne. “The decline in the has slowed down as Russian wheat regains its competitive edge,” SovEcon said in a note. A week earlier it registered a $6 fall.
Global benchmark slid for a fourth consecutive session on Monday as fears over the rapid spread of the coronavirus outbreak beyond China depressed commodities and . Russia, the world’s largest wheat exporter, and Ukraine along with neighbours such as Romania compete for supplies of their wheat to Africa, the and Asia via the Black Sea.
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