Russian wheat prices fall under pressure from new crop.

Russian wheat export prices fell for a fourth week last week, under pressure from a large new crop coming onto the market. Black Sea prices for Russian wheat with 12.5 percent protein content were at $180 a tonne on a free-on-board (FOB) basis at the end of last week, down $4 from a week earlier, IKAR agriculture consultancy said in a note. Pressure from the new crop is too high. As of Aug. 23, Russia had exported 5.46 million tonnes of grain since the start of the 2017/18 marketing season on July 1, up 22 percent from a year earlier. Russia’s grain harvesting is gathering pace and has almost matched the previous year’s level after a delay caused by rains.