Russia may nix wheat export tax

MOSCOW, Russia (Reuters) — Russia’s agriculture ministry may review its wheat export tax once it receives export data for February, says agriculture minister Nikolai Fyodorov.

The government has been trying to cool domestic wheat prices with informal curbs on exports since December, to which it added an export tax from Feb. 1. Domestic wheat prices have been rising as the ruble has fallen.

“As of today, it is too early to make any conclusions and possible recommendations for a change in policy over the export duty,” Fyodorov said.

“That’s why we can return to this issue … when we analyze February’s grain exports.”

The tax on wheat exports is set at 15 percent of the customs price plus $10.50 but is no less than $50 a tonne.

Asked whether Russia could extend the tax to other grains, Fyodorov said the current volume of barley and corn exports was not causing concern.

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