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Russian Wheat-Tax Risk Spooks Traders, Roiling Egyptian Tender

  • Russia to discuss adjusting wheat-export duty this week
  • Egypt cancels tender after drawing fewer offers than normal
Russian Wheat Harvest as Record Prices Halt Export Boom
Photographer: Andrey Rudakov/Bloomberg

The threat of Russia tightening wheat-export restrictions to safeguard its food supplies is spooking traders, prompting Egypt to take the rare step of canceling a tender to buy the grain.

Russia said it will this week discuss whether to adjust an export tax planned for next month amid concerns the measure hasn’t done enough to keep high domestic prices in check. Egypt, its top customer, drew offers from the fewest companies since June at high prices. That prompted the tender to be scrapped.