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Wheat Rises on Russian Export Concerns

Russia introduces tax to limit exports

Wheat 381848 960 7204

U.S. wheat futures rose on Thursday as Russia, one of the world’s largest producers of the crop, moved to limit exports, while soybeans and corn firmed on concerns about production in South America, reports Reuters.

Russian Prime Minister Mikhail Mishustin signed on Tuesday a list of orders, including a grain export quota and a wheat export tax, the government said.

The tax could reduce Russia’s 2020/21 wheat exports by 2 to 3 million tonnes to 37.8 million-38.8 million tonnes, SovEcon agriculture consultancy said.

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