Sovecon says wheat prices in Russia fall by 400 rbl to 12,000 rbl/tn

MOSCOW, Sep 26 (PRIME) -- Prices for wheat in Russia have fallen by 400 rubles to 12,000 rubles per tonne, researcher Sovecon said in a statement on Tuesday.

“For the week ending September 20, the average price of the fourth class wheat in the European part of Russia fell by 400 rubles to 12,000 rubles (per tonne). The last time wheat fell to such values was at the end of June,” the analysts said.

“In the short term, we expect further weakening of prices in the domestic market on the background of high supply and some decline in export demand,” they also said.

According to Sovecon’s estimates, the volume of concluded contracts for the sale of Russian wheat fell to 4.1 million tonnes as of Tuesday from 6.1 million tonnes in August.

Wheat supply remains at a high level amid a good harvest in 2023, and the experts estimate it at 91.6 million tonnes.

(96.1456 rubles – U.S. $1)

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