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Russia Surprises with Export Tax Hike

Wheat rises to six-year high in Chicago

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Wheat rose to a six-year high in Chicago after Russia said its new wheat-export tax will rise even more than expected a few weeks after kicking in, as the country accelerates efforts to cool domestic food prices, reports BNN Bloomberg.

Russia, the biggest wheat exporter, is adding to measures announced late last year after President Vladimir Putin told the government to cool food-price inflation because of sharp increases for staples like bread and sunflower oil.

A grain-export quota and wheat-export tax that will both kick in Feb. 15 have combined with tightening supply elsewhere and surging Chinese demand to drive global grains prices to multiyear highs.

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