MOSCOW: Russian wheat export prices were largely unchanged last week, and analysts say that prices have reached the bottom as farmers are reluctant to sell due to a sharp fall in profitability.

The price of 12.5% protein Russian new crop wheat scheduled free-on-board (FOB) with delivery in late August was $220 per metric ton at the end of last week, up $1 compared to the previous week, according to the IKAR consultancy.

Sovecon put the price of wheat with the same protein content for nearest delivery at $220-$222 per ton at the end of last week, similar to the week before.

“We believe there is a high chance that Russia’s FOB has bottomed out. It has been flat for a few weeks, demand from exporters is rising, supply in the current season will be substantially lower, and it tends to find a bottom in June-July”, Sovecon said in a weekly note.