ODA Market Alert: 🇷🇺 Russian wheat export tax announced.

ODA Market Alert: 🇷🇺 Russian wheat export tax announced.

As previously indicated, the Russian government announced today the imposition of an export tax of around $30/t on all her 🍞 wheat exports, starting mid-Feb21 until June, in an attempt to control domestic grain/food price inflation. Further, if the proposed 17.5Mt export quota is exceeded, then the export tariff jumps to around $120/t. Markets are reacting negatively this morning since Russian farmers are now likely to push as much volume as possible ahead of the Feb deadline. Export taxes are unlikely to have an impact on season-total export volumes. Price volatility is likely to pick-up in the short-term.