Russia swings changes to wheat export quotas, imposes more duties on exporters

While international grain markets continue to remain basically becalmed there is growing interest in Russian government policy and its potential impact on prices into 2025. Russia, the world's largest wheat exporter, has put a hard handbrake on its wheat export program via its export quota system as it battles to control spiralling inflation. The wheat export quota was implemented in 2020 in a bid to secure domestic supply and is now a permanent measure with the Russian government. It comes as exporters set a record pace in moving out the wheat from harvest in the northern hemisphere summer to now, in spite of a smaller crop than recent years. Commonwealth Bank commodity analyst Dennis Voznesenski said the new measures would be in place for at least the first half of next year. "The Russian government is more actively taking measures to stem domestic food price inflation," Mr Voznesenski said. He also said along with the reduced quota there would be an increase in duties paid by ...