ODA Market Alert: πŸ‡·πŸ‡Ί Putin asks his Prime Minister to act to limit price food inflation. Wheat export restrictions, such as export taxes could be undertaken soon.

Facing significant domestic food price inflation, πŸ‡·πŸ‡Ί Russia’s government is considering placing a tax on her exports of 🍞 wheat. A meeting of officials has been called for next week, on Dec15. Nonetheless, the wheat market is taking this event seriously, as previous Russian market interventions have caused price instability around the 🌎 world. Russian officials are considering imposing a tax of 2000 roubles ($27). As a result, Russian local prices could fall by around 10%. But exports volumes may not be reduced. And, no doubt exporters will try and push wheat exports aggressively, before the proposed tax begins in Feb21.