Price of wheat in Russia declined last week. Harvest is on the way, ramping up. Russian farmers had harvested 37 million tonnes of grain. Black Sea forward prices for Russian wheat with 12.5 percent protein content were at 188 USD/t FOB. Domestic prices for third-class wheat were down. This year harvest has been delayed by rains

Wheat exports decline to 1.5 million tonnes in July compared to year earlier because of a tax on foreign sales of wheat launched on July 1. Customs officials and traders clashed over the level of the tax. In June Russia exported a record amount of grain. For the 2014/15 marketing year, which ended on June 30, Russia exported a record 31.5 million tonnes of grain.... 


Specific export tax may invoke Russian farmers to cut wheat exports in the 2015/16. mainmarkets of Russian wheat are Middle East and Mediterannean north Africa. The new wheat tax is set at 50 percent of the customs price per tonne minus 5,500 roubles (98 USD at current rate), but not less than 50 roubles per tonne. The rouble is volatile.