Russia implements export duty for wheet at 15% plus €7.5, but not less that €35 per ton from February 01, 2015. The above duty will make Russian wheet noncompetitive. Russian Agricultural Ministry explains this act, de facto stopping the export, by exceed of safe export volume, counted as 18.5 mln tons. Source: RIA Novosti
Russia is fourth wheet exporter in the world, after EU (29 mln ton/yearly), Canada (23 mln tons) and USA (25.5 mln tons). Key markets for Russian wheet are the Middle East and North Africa. Restrictions for export in Russia afford an opportunity for EU and Ukraine. Forecast for EU export grew by 1 mln tons up to 30 mln tons, for Ukraine – by 700 thousand tons up to 11 mln tons. Source: Agweb.com
Record harvest was gathered globally and Russia had already shipped almost all export quantity by the moment of export duty implementation (17 mln tons against 22 mln tons). Russian export duty will not cause grain storage in the world, but will make effect on prices (up). At January 15, 2015 average prices for soft wheat in USA counted $228 per ton.