Russia Approves Higher Wheat Export Tax Starting March 1
Russia has formally approved a higher export tax on wheat from March 1, the government said Tuesday, in another push to curb a rise in domestic food prices triggered by the COVID-19 pandemic, according to a Reuters report.
Global wheat prices jumped after the proposal to raise the tax was first announced by Russian officials earlier in January on expectations that it could make buyers prefer wheat from other countries.
Russia approved a 50 euro ($61) per tonne wheat export tax from March 1 to June 30 compared to the 25 euro-per-tonne tax set for Feb. 15 to March 1. A barley and corn export tax is set at 10 euro/t and 25 euro/t, respectively, from March 15 to June 30.
The move tightens up measures to stabilize grain prices initiated by the Russian government in December.
To read the full Reuters article, click here.
Related Articles:
International News
- Concern Grows for Argentina's Soy Harvest Due to Heavy Rains
- Brazil is Wrapping Up its Soybean Harvest, Putting Pressure in Quotes
- China 2024 Grain Imports Seen Near Record High Despite Cancellations
- Wheat Stock with Food Corporation of India Falls Below 100 Lakh Tonnes for the First Time Since 2018
- The USDA Releases the February World Agriculture Production Report
- Nearly 20 Countries Represented At Council’s EMEA Corn Quality Rollout Event
- Cold Snap Helps India's Wheat Crop but Warm Weather Forecasts Pose Risk
- Latvia's Ruling Coalition Prepares to Ban Grain Imports from Russia and Belarus
- Russia Sees No Prospects for Resuming Black Sea Grain Initiative
- India’s Wheat Output May Touch New Record of 114 Million Tonnes in 2023-24