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Russian wheat prices down with approaching harvest pressure

Russian export prices for the new wheat crop, which farmers will start harvesting within days, fell last week due to good crop prospects and after a decline in Chicago and Paris prices, analysts said on Monday.

Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $20 to $400 free on board (FOB) at the end of last week, the IKAR agriculture consultancy said.

Sovecon, another consultancy, said prices for Russian wheat for supply in July-August were assessed at $390-$400 per tonne compared to $403-$410 a week ago.

Russia exported 500,000 tonnes of grain last week compared with 220,000 tonnes a week earlier, Sovecon, said, citing data from ports.

The weather conditions were favourable for the new crop last week with healthy rains in the most producing regions, Sovecon said.

However, part of Russia’s south, its breadbasket, could see more rains this week, which is not welcome at this stage as it could potentially worsen the quality of the new wheat crop, it added.
Source: Reuters

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