Wheat Jumps as Russian Export-Tax Talk Fuels Supply Worries
- Wheat prices have surged this year on concerns about supplies
- Russia could revise tax formula if wheat prices surge
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Wheat climbed from Minneapolis to Paris after a Russian official suggested the country could raise grain-export taxes if prices surged, adding to concerns about an already tight global market.
Russia could revise the formula behind its floating grain-export tax if there is a significant increase in global prices, Agriculture Minister Dmitry Patrushev said at a government meeting Wednesday. The tax has been in place since mid-year in an effort to slow sales abroad and cool domestic food inflation. Russia also plans to set a grain-export quota again in the first half of next year, he said.