MOSCOW: Russian wheat export prices fell last week after a decline in wheat prices in Chicago and a gradual resumption of Ukraine exports from Black Sea ports, analysts said on Monday.
Russian prices for wheat with 12.5% protein content and for supply from Black Sea ports fell by $3 to $355 a tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy said in a note.
Russia exported 780,000 tonnes of grain last week, compared with 650,000 tonnes the previous week, said fellow consultancy Sovecon, citing port data.
In the domestic market, prices for food wheat fell in the southern part of the country amid strong demand from exporters, while prices for low-quality fifth-grade wheat continued to fall sharply as supply rises sharply.
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“There is a lot of talk about ‘record-low quality this year’ but this is typical for bumper crop years like the current one,” Sovecon said.