Russian wheat prices decline on weak demand

Russian wheat prices declined last week due to weak demand and intervention sales from state inventories, analysts said on Monday. "Traders complain about very weak demand from the international market," the Institute for Agricultural Market Studies (IKAR) said in a note.
Russian wheat with 12.5 percent protein content declined to $269 per tonne from $270 per tonne on a free-on-board basis (FOB) in the port of Novorossiisk, IKAR said. SovEcon analysts wrote that purchase prices of wheat with 11.5 percent protein content in Russian deep-water ports were stable at 7,400 to 7,600 roubles ($250-260) per tonne last week on a carriage-paid-to (CPT) basis. In shallow-water ports wheat prices rose to 7,100-7,250 roubles per tonne from 7,000-7,100 roubles, they added.