Russian wheat price may be cut

Russia, Europe’s biggest wheat producer, may add an extra 7 million metric tons of the cereal to the world market by 2009, threatening US and Australian sales and cutting prices by as much as 2.8%.

Russia’s wheat yields may rise by 2.5% a year during the next five years, boosting exportable supplies, the Australian Bureau of Agricultural and& Resource Economics said in a report. The grain may be sold to the European Union, Middle East or North Africa, it said.