Feb. 25 (Bloomberg) -- Wheat prices in Russia, the world’s third-biggest wheat exporter in 2011-12, fell last week as the state sold grain from stockpiles and farmers prepared for the spring sowing campaign, according to the country’s Grain Producers Union.
Third-grain milling wheat dropped as much as 6.5 percent to 11,500 rubles ($379) a metric ton in the Southern and North Caucasus federal districts, the biggest declines among wheat varieties across the country. The grade fell as much as 2.5 percent in the prior week, according to the union’s data.
Russia sold more than 1.9 million tons of grains from state inventories from Oct. 23, when sales began, through Feb. 20, according to National Mercantile Exchange data. That included about 1.6 million tons of third-grade milling wheat, the data showed. Total stockpiles, including state holdings, were almost 30 percent lower at 22.6 million tons as of Feb. 1 compared with a year earlier, according to state statistics data.
Farmers accelerated sales because they need funds for seeds, fertilizer and fuel before the spring sowing campaign, which also pushed prices down last week, the union said.
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