World grain market
01.03.2021
Export duty on Russian wheat has been doubled to €50 ($60.44) per ton from March 1. It will remain in force until a permanent floating tax is imposed in June. The Russian authorities have also approved the raising of export tax on corn and barley to €25 ($30.23) and €10 ($12,09) respectively. Exports of Russian rye are not subject to the tax. “The measure will reduce exports, and will help to refocus market players from selling agricultural commodities to exporting agricultural goods with high added value,” the government said in a press release. According to the government, the scheme will minimize the negative impact of the price fluctuations seen globally on Russia’s domestic market. Note that on Thursday, quotations fell at the US wheat market. Reaching new highs on Wednesday, wheat figures retraced back more than two percent on Thursday. Perhaps, to some extent, the downward adjustment of quotations was influenced by the new February IGC report, which increased the forecast for grain production in the world, including separately wheat, corn and even rice. In Europe on February 26, wheat contracts fell from 207.5 to 207.4 pounds per ton, or 0.05% ($ 288.3) on the LIFFE exchange in London. In Paris, on the MATIF exchange wheat contracts fell from 245.75 to 245.25 euros per ton, or 0.2% ($ 296.8). May wheat contracts fell from 231.5 to 229.25 euros per tonne, or 1% ($ 277.4).
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