Russian wheat export prices fell in the first week of August, after a decline in wheat prices in Chicago and a gradual resumption of Ukraine exports from Black Sea ports, analysts said Aug. 8.
Russian prices for wheat with 12.5 per cent protein content and for supply from Black Sea ports fell by US$3 to $355 a tonne f.o.b., the IKAR agriculture consultancy said in a note.
Russia exported 780,000 tonnes of grain in the first week of August, compared with 650,000 tonnes the previous week, said fellow consultancy Sovecon, citing port data.
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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 supplies rose.
“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.
