Russian wheat export prices down on low sales activity.

Russian wheat export prices fell due to low activity in the market ahead of the new crop arrival this summer and because of a continuing trade dispute with Turkey. Russia exported 29.8 million tonnes of grain, including 23.0 million tonnes of wheat down 0.5 percent year-on-year. Russia wheat crop is expected to fall this year, but the country stockpile remains high after a record crop in 2016, and the number of sale offers from farmers is rising. Russia grain stocks at farms and procurement and processing companies, excluding small farms, were up 19 percent from a year earlier at 28.3 million tonnes. Domestic prices for third-class wheat fell 100 roubles compared with the week earlier to 9,500 roubles ($170) a tonne in the European part of Russia on an ex-works basis. Farmers had sown spring grains on 11 percent of the planned area, or on 3.4 million hectares, compared with 4.2 million hectares a year ago.