Russia, the world’s largest wheat exporter, announced that from March 1 the wheat export tax from the original 25 euros per ton, up to 50 euros, the news stimulated Chicago wheat futures on Friday (15) had risen 2.5% to $6.93 per pu m, a new high since May 2014, closing up 0.82% to $6.755. And an index of grain prices compiled by the foreign ministry has surged more than 60% since the beginning of August last year.
Russian President Vladimir Putin late last year has asked the government to take action to cool down inflation in basic foodstuffs such as bread and cooking oil, including measures such as wheat export quotas and taxes to be implemented next month on the 25th.
The Russian government now also plans to continue the tax in the next wheat harvest season, the Ministry of Agriculture earlier this week proposed a tax rate of $45 per ton.
Consultant Strategie Grains pointed out that the Russian authorities’ original tax plan failed to cool down the local market.
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