MOSCOW, RUSSIA \u2013 A global wheat market that has seen soaring prices in recent weeks due to supply issues learned on Nov. 10 that Russia, the world\u2019s leading wheat exporter, is considering revising its export taxes upward on the grain commodity, Reuters reported.<\/p>\n
The report said that Dmitry Patrushev, Russia\u2019s agriculture minister, stated in a recent government meeting that the change would occur in case of major price growth in the global market.<\/p>\n
Food inflation in Russia is at a five-year high and the country already has a formula-based tax on grain exports which was implemented in June.<\/p>\n
\u201cIn the event of a significant increase of the global prices, let\u2019s say up to $400 per tonne<\/p>\n
or more, the formula for calculating the floating export duty will be revised upwards,\u201d Reuters reported Patrushev as saying.
\nHe added that Russia also plans to guarantee an adequate domestic supply by setting a quota on grain exports, including wheat, for the first half of 2022.<\/p>\n
Eduard Zernin, head of the Russian Union of Grain Exporters, told Reuters he expects the quota to be set by Feb. 15 and to last through June.<\/p>\n","protected":false},"excerpt":{"rendered":"
MOSCOW, RUSSIA \u2013 A global wheat market that has seen soaring prices in recent weeks due to supply issues learned on Nov. 10 that Russia, the world\u2019s leading wheat exporter, is considering revising its export taxes upward on the grain commodity, Reuters reported. The report said that Dmitry Patrushev, Russia\u2019s agriculture minister, stated in a …<\/p>\n","protected":false},"author":1,"featured_media":81,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,3],"tags":[],"class_list":["post-80","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wheat","category-world-news"],"yoast_head":"\n