Grain prices in Russia have fallen to their lowest levels since May 2024, following an operational halt at all three grain terminals in Novorossiysk, according to data from agricultural consultancy SovEcon cited by Russian media.

During the week of August 10-16, the price of third-class wheat declined by 2.8% week-on-week to 11,500 rubles per tonne, while fourth-class wheat dropped by 3.1% to 11,000 rubles per tonne. SovEcon data also indicates that fourth-class wheat prices are down 24% year-on-year.

SovEcon head Andrey Sizov attributed last week's price decline to the market's reaction to the closure of the port in Novorossiysk and weakening export activity.