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Supply Chain

Russian Wheat Prices Down After Two Weeks Of Growth

By Dayeeta Das
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Russian Wheat Prices Down After Two Weeks Of Growth

Russian wheat export prices fell last week after two weeks of growth amid stable wheat prices in Chicago, a global benchmark for this market, analysts said on Monday.

Russian wheat with 12.5% protein loading from Black Sea ports and for supply in December was at $252 a tonne free on
board (FOB) at the end of last week, down $2 from the previous week, the IKAR agriculture consultancy said in a note.

Sovecon, another agriculture consultancy in Moscow, said wheat fell by $1 to $253, while barley remained at $215 a tonne.

Grain Export Quota

Russian livestock producers sent a letter to the government last week saying that a grain export quota, proposed by the agriculture ministry at 15 million tonnes for 15 February - 30 June, could stabilise the domestic wheat market but would not be enough to drive the prices down.

The letter proposed reintroducing an export tax for wheat, which is currently at a zero level, Sovecon said. The government or the agriculture ministry are yet to reply on it.

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Sovecon also said there are market rumours that the ministry could offer subsidies to the flour millers.

Russian farmers sowed a record area of 19.2 million hectares with winter grains despite dry weather, Sovecon said, adding that sowings were in bad shape in many regions.

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