Russia plans to set its grain export quota at 11 MMT, including 8 MMT of wheat, from Feb. 15-June 30, 2022 to ensure domestic supplies and limit price increases. The quota was previously planned at 14 MMT of grain, including 9 MMT of wheat.
In 2021, the grain export quota was 17.5 MMT from mid-February through June 30, with no separate limit for wheat. But Russia is exporting a lot less wheat this year due to a smaller crop and the rising wheat export tax. To date, Russian wheat exports are down by 37.5% since the start of the 2021-22 marketing year on July 1.
The wheat export tax will increase to $94.00 per MT for the week of Dec. 22-28, a 236% surge from the beginning of June when the country launched its formula-based duty.
In November, Russia’s ag ministry said it may change a formula it uses to calculate this tax if global prices continued to rise to further protect the domestic market.
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