Russian wheat sent lower by new crop and rouble weakness

Sanctions-hit Russia cut grain export taxes sharply this month

The Ukrainian flag on a pole in the middle of a land of wheat, in Kyiv. Picture: AP Photo/Nariman El-Mofty

Russian wheat export prices fell last week under pressure from the new crop, a weaker rouble and lower export tax, analysts said on Monday.

Sanctions-hit Russia reduced its grain export taxes sharply on July 1 to support shipments in the July-June marketing season.