The world’s largest wheat exporter reduces its export duties to zero

Russia, the world’s largest wheat exporter, announced the reduction of export duties on wheat, corn and barley to zero, starting from December 10, in a step taken for the first time since August as a result of the decline in global grain prices.

These fees were imposed in 2021 to protect the local market from rising prices, and occur weekly at 70% of the difference between the basic price determined by the government and the market price.

The decision comes after three consecutive weeks of decline in Russian wheat export prices under the pressure of abundant global supply. Moscow plans to export between 53 and 55 million tons of grain during the current marketing season.