MOSCOW, RUSSIA — In order to stabilize domestic prices, Russian officials are reportedly considering a wheat export tax of about 2,000 rubles ($27.30) per tonne, Reuters reported, citing three sources familiar with discussions.
Russian also is considering a grain export quota and a price cap for domestic sunflower oil and sugar prices. Discussions are still ongoing, Reuters reported.
The export tax would be the same for all classes of wheat, even though prices are varied, because it would be easier to manage.
If approved, it would be a step back from the formula-based tax that Russia used when wheat prices increased several years ago.
Domestic prices for the third class of wheat in the European part of Russia and excluding delivery were at 15,950 roubles ($215) per tonne at the end of last week, Reuters said. Export prices for wheat with 12.5% protein in the Black Sea ports were at $252 a tonne on a free-on-board (FOB) basis.