09-04-2014 01:16 AM | Russian Federation

Russian wheat export price growth to stall soon

Russia's wheat export price growth will stall soon due to healthy new harvest prospects and a drop in global prices of the grain, agricultural consultancy SovEcon said in a note. Russian wheat prices have added 9 percent in dollar terms since the start of the year mainly due to concerns over grain supplies from the Black Sea, triggered by Russia's decision to annex Ukrainian region Crimea.

"In the absence of external political shocks it's likely that grain price growth in the European part of Russia will be changed by a decline in coming weeks," SovEcon said in a note. Russia's export prices for wheat with 11.5-percent protein content rose last week by $2.5 to $301.5 per tonne from a week ago, free-on-board (FOB), in deepwater ports, SovEcon said. This was smaller than a weekly rise of $6 seen earlier in March.
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