MOSCOW, Apr 4 (PRIME) – Russia’s wheat prices have decreased to the level of 2019 because of high supply and low demand from exporters, agricultural research agency SovEcon said in a report on Tuesday.
"The price for the third class wheat in Russia sank to 11,550 rubles as of March 29. The last time the indicator as low as that was registered on November 27, 2019. The prices decreased because of high supply and low demand from exporters," the researchers said.
Wheat reserves on the farms amounted to 17.4 million tonnes as of March 1, 82% more than the five-year average, the agency said. Sales on the National Mercantile Exchange stood at 2.1 million tonnes Monday after 2.5 million tonnes a week earlier.
The agency expects the prices to remain under the pressure in the near future.
(77.9510 rubles – U.S. $1)
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