New export rules and the war in Iran have halted grain exports from Kazakhstan.

Changes in Kazakhstan's Tax Code, particularly concerning the VAT refund, have led to a reduction in grain exports, causing traders to virtually cease purchases, reports the Grain Union of Kazakhstan. Against this backdrop, over the past week, prices for wheat class 3 and 5 on the domestic market have slightly decreased, while prices for barley and flaxseed have remained unchanged. Exporters last week sharply increased offer prices for wheat, but importers are in no hurry to contract and are analyzing market prospects. This week, export offer prices for barley increased by $5/ton at FOB port Aktau, but military actions in the Middle East will halt trade, the continuation of which will depend on the duration of the war and the domestic political situation in Iran. Changes in the Tax Code concerning the reduction of the VAT credit amount for the export of agricultural products by 80% negatively affect the ...