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  • 1 month later...

Russia's wheat export tax expected to deliver big pay day for Australian farmers

 

 

https://www.abc.net.au/news/rural/2021-02-2...tralia/13189598

Russia is about to double its controversial wheat export tax, a decision tipped to have positive ramifications for Australian farmers.

 

The tax was introduced on February 15 by the Russian government in a bid to reduce rising domestic food prices. The tax will double next week, on March 1, to 50 euro per tonne ($A76/t) before moving to a permanent floating tax in June.

 

Russia is the world's largest exporter of wheat and has reportedly hit a record pace this month as exporters scramble to load as much wheat as possible to avoid paying the higher tax.

 

With plans to enforce similar taxes on corn and barley, the global grain trade is watching very closely to see what happens next.....

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  • 8 months later...

In agricultural commodities, wheat hit a new annual high, breaking through $US8.00 cents a bushel in Chicago.

US wheat futures hit their highest levels in nearly nine years on Thursday and Friday, while European wheat futures climbed to a 13.5 year high, boosted by concern that global exports could be lower than expected.

Chicago Board of Trade December wheat closed up 4.5 cents on Friday at $US8.17 a bushel after reaching $8.26.75, the highest price in a continuous chart of the most active wheat contract since December 2012.

March milling wheat on Paris based Euronext settled up 1.75 euros, or 0.6%, at 294.00 euros ($US336) a tonne.

On Thursday it had reached 296.00 euros, the highest price on a second month position on Euronext since September 2007.

The EU is getting to a spot where it can’t export a lot of new wheat. So Paris has pushed to a new record high, said Dan Basse, president of AgResource Co in Chicago, told Reuters.

Support also stemmed from the rumours that Russia, the worlds top wheat supplier, could curb exports.

Russia may change the way it calculates grain export taxes if prices rise further, Agriculture Minister Dmitry Patrushev said. Russia also plans to set export quotas for the first half of 2022.

Meanwhile, Australian wheat export prices reached a record high on November 9 amid expectations of a bumper output for a second consecutive year and promising exports for the 2021 22 marketing year (October thru September).

S&P Global Platts said it had assessed the Australian Prime White wheat index at a record high $343.50/tonne on November 9, up $2.50 a tonne from November 8, while the Australian Standard White wheat index was unchanged on the day at $333.50 a tonne.

Last week, heavy rain had traders holding off until the drier weather expected across eastern Australian wheat areas this week.

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