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Russia Approves Higher Wheat Export Tax

Global wheat prices jumped after the proposal to raise the tax was first announced

Wheat

The Russian government has formally approved a proposal to impose a higher export tax on wheat from March 1, it said on Tuesday, in another push to curb a rise in domestic food prices triggered by the COVID-19 crisis.

Reuters reports the government approved a 50 euro ($61) per tonne wheat export tax starting 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.

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.

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