Russian grain prices keep declining

Russian grain prices kept declining slowly last week as the government sales intervention tenders continued, analysts said on Monday. Average prices declined by 50-100 roubles ($1.75-$3.49) per tonne, SovEcon agricultural analysts said in a weekly note.
Third-grade wheat in the south of Russia declined to $225 per tonne from $229, fourth-grade to $213 from $217, feed wheat to $204 from $212, feed barley to $292 from $297, maize to $310 from $314, the Institute for Agricultural Market Studies (IKAR) said. "Grain owners in southern Russia are in panic, as grain stocks are unusually high for this time of a year, while the demand is blocked by ongoing interventions," it said in its weekly note.
Prices for third grade wheat at the tenders were little changed from a week before, but fourth-grade wheat declined to 6,573.1 roubles per tonne from 6,603.5 roubles. "Price stagnation results from the fact that prices at the tenders are close to market prices in many regions," SovEcon said.