Wheat Jumps as Top Shipper Russia Signals Prolonged Export Tax
- Country will add duty on wheat cargoes at EU50/ton from March
- Russia to continue taxing wheat exports beyond this season
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Wheat rose to a six-year high in Chicago after top exporter Russia said it’s ratcheting up efforts to cool domestic food inflation by curbing grain exports.
Russia said Friday that a new duty on shipments will rise even more than expected, just a few weeks after being imposed in mid-February, and taxes will continue at some level after the current season ends in June. The government had announced an initial tax in December, alongside a grain-export quota, after President Vladimir Putin demanded action following sharp increases in prices for pantry staples.