In February grain exports from Russia dropped significantly. The reason - export tax introduced from 1st February. The tax is set at 15% of the customs price plus 7.50 Eur/t, but no less than 35 Eur/t.

Agriculture Ministry in Ukraine is ready to limit exports of grains in case agreed quota with traders is not respected, to defend the local grains market. Sharp devaluation in the local currency almost 30% against the USD during last 10 days may spark exports.

After Russia imposed export tax on wheat, everything slowed down related to export. Obviously main state goal is to keep local situation under control as much is possible and not to risk by allowing excessive export due to low ruble.