In brief: • Russia announced zero tariffs on the export of wheat, barley, and corn • Argentina reports a record harvest, but quality issues remain The news that the Federal Reserve intends to reduce interest rates in the US by 25 basis points led to a drop in the dollar index, mechanically raising the euro/dollar exchange rate close to 1.1650. This renewed tightening of prices is not good news for European exporters, who are facing particularly active competition, both from Russia and Argentina. On Monday, the Russian Ministry of Agriculture announced that export tariffs for Russian wheat, barley, and corn would be zero from December 10. The new rates will be valid until December 16 inclusive. The wheat tax was 8.9 rubles per ton in the previous period, while the rates for barley and corn were zero. The tariffs are based on indicative prices of $226.10 per ton for wheat compared to $227.30 per ton in the previous customs period, $213.60 per ton for barley compared to $210.80 per ...